GBP/JPY Price Analysis: Slumps below 192.00 amid risk-off mood

GBP/JPY drops 0.56%, as rising Israel-Iran tensions drive safe-haven flows to the Yen.
Though lower, the pair stays bullish above the Ichimoku Cloud, with recovery possible upon reclaiming 192.00.
Watch key levels: Immediate support at the Kijun Sen at 191.06, with potential further drops towards 190.55.

Christian Borjon Valencia FXStreet

After consolidating around 192.00 for the last three days, the GBP/JPY finally tumbled to the 191.00 handle. A flight to safe-haven assets spurred by an escalation of the Israel-Iran conflict boosted the Japanese Yen (JPY) to the detriment of the Pound Sterling. At the time of writing, the cross has lost 0.56% and trades at 191.19.

GBP/JPY Price Analysis: Technical outlook

The GBP/JPY remains above the Ichimoku Cloud (Kumo), suggesting the pair is bullish. Despite sliding below key support levels, like the Tenkan and Kijun Sen, the 50-day moving average (DMA), and hitting a daily low of 190.29, the pair resumed its recovery to the current exchange rates.

For a bullish continuation, traders must reclaim 192.00 before breaking the next resistance area at 192.80. Once cleared that would expose the 193.00 psychological level, followed by the year-to-date (YTD) high at 193.54.

On the other hand, if the pair slips below the Kijun Sen level at 191.06, that would exacerbate a drop below the confluence of an upslope support trendline and the 50-day moving average (DMA) at 190.55.

GBP/JPY Price Action – Daily Chart

GBP/JPY

Overview
Today last price	191.3
Today Daily Change	-1.02
Today Daily Change %	-0.53
Today daily open	192.32

Trends
Daily SMA20	191.57
Daily SMA50	190.6
Daily SMA100	187.45
Daily SMA200	185.51

Levels
Previous Daily High	192.79
Previous Daily Low	191.91
Previous Weekly High	193.02
Previous Weekly Low	190
Previous Monthly High	193.54
Previous Monthly Low	187.96
Daily Fibonacci 38.2%	192.45
Daily Fibonacci 61.8%	192.25
Daily Pivot Point S1	191.89
Daily Pivot Point S2	191.46
Daily Pivot Point S3	191.02
Daily Pivot Point R1	192.77
Daily Pivot Point R2	193.22
Daily Pivot Point R3	193.65

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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