GBP/JPY Price Analysis: Slumps below Ichimoku Cloud and wraps the week negatively

GBP/JPY remains neutral to downward bias but retains potential upside risks.
A break below key support levels at 178.03 and 176.30 to pave the way for a deeper fall toward the March 23 low of 158.25.
On the upside, the pair needs to stay above the 180.00 level to maintain the potential for an upward move.

Christian Borjon Valencia FXStreet

On Friday, the GBP/JPY remains offered late in the North American session and is set to end the week in the red after the pair slumped below the Ichimoku Cloud (Kumo), which exacerbated its fall to new two-month lows of 178.33. At the time of writing, the cross is trading at 180.33.

The pair is neutral to downward biased, but upside risks remain. If bears conquer key support levels at 178.03, the October 3 low, followed by the July 28 cycle low at 176.30, that would cement the downtrend and open the door for a fall toward the March 23 low of 158.25.

On the other hand, if the pair stays above 180, that would open the door to break the first key resistance level seen at the bottom of the Kumo at 182.12. A breach of the latter will expose the confluence of the top of the Kumo, the Kijun-Sen, and the Senkou Span B at 183.49, ahead of the 184.00 mark.

GBP/JPY Price Analysis – Daily Chart

GBP/JPY Technical Levels

GBP/JPY

Overview
Today last price	180.28
Today Daily Change	-0.83
Today Daily Change %	-0.46
Today daily open	181.11

Trends
Daily SMA20	185.21
Daily SMA50	184.28
Daily SMA100	183.81
Daily SMA200	178.09

Levels
Previous Daily High	181.22
Previous Daily Low	178.35
Previous Weekly High	186.62
Previous Weekly Low	178.59
Previous Monthly High	188.67
Previous Monthly Low	182.75
Daily Fibonacci 38.2%	180.13
Daily Fibonacci 61.8%	179.45
Daily Pivot Point S1	179.23
Daily Pivot Point S2	177.35
Daily Pivot Point S3	176.36
Daily Pivot Point R1	182.1
Daily Pivot Point R2	183.1
Daily Pivot Point R3	184.98

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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