- GBP/JPY slightly rises, within a 191.90/192.80 trading range.
- Positioned above the Ichimoku Cloud, technical indicators favor a bullish outlook, though signs of consolidation are evident.
- A breakout above 192.80 could lead to testing resistance at 193.00 and potentially reaching the year-to-date high of 193.54.
The GBP/JPY is flatlined for the second consecutive day, hovering around 192.30, clocking minimal gains of 0.05%. The cross-pair remains unable to crack the 191.90/192.80 range for the third straight day amid fears of Japanese authorities' intervention.
GBP/JPY Price Analysis: Technical outlook
The GBP/JPY remains above the Ichimoku Cloud (Kumo), suggesting the pair is bullish. However, it is consolidating as the distance between the Senkou Span A and B shrank, the same case with the Tenkan and Kijun-Sen levels, standing beneath the price action, at 191.46 and 191.06, respectively.
If the pair slips below 192.00, the Tenkan and Kijun Sen levels will be exposed. Further losses are seen if the cross tumbles below the confluence of an upslope support trendline and the 50-day moving average (DMA) at 190.55.
On the flip side, a break above resistance, seen at 192.80, could signal a continuation of the uptrend. The first supply zone to challenge would be 193.00, followed by the year-to-date (YTD) high at 193.54.
GBP/JPY Price Action – Daily Chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD stays below 1.0700 as focus shifts to Fed policy decisions
EUR/USD stays in its daily range below 1.0700 following the mixed macroeconomic data releases from the US. Private sector rose more than expected in April, while the ISM Manufacturing PMI fell below 50. Fed will announce monetary policy decisions next.
GBP/USD holds steady below 1.2500 ahead of Fed
GBP/USD is off the lows but stays flatlined below 1.2500 on Wednesday. The US Dollar stays resilient against its rivals despite mixed data releases and doesn't allow the pair to stage a rebound ahead of the Fed's policy decisions.
Gold rebounds above $2,300 after US data, eyes on Fed policy decision
Gold gained traction and recovered above $2,300 in the American session on Wednesday. The benchmark 10-year US Treasury bond yield turned negative on the day after US data, helping XAU/USD push higher ahead of Fed policy announcements.
A new stage of Bitcoin's decline
Bitcoin's closing price on Tuesday became the lowest since late February, confirming the downward trend and falling under March and April support and the psychologically important round level.
US Federal Reserve Decision Preview: Markets look for clues about interest rate cut timing
The Federal Reserve is widely anticipated to keep interest rates unchanged. Fed Chairman Powell’s remarks could provide important clues about the timing of the policy pivot.