GBP/JPY Price Analysis: Stays bearish despite facing support around 187.00 as double top looms


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  • GBP/JPY daily chart depicts the formation of double top chart pattern.
  • If the pair drops below the Kijun-Sen, expect further downside toward 180.76, due to double top’s confirmation.
  • Buyers maintaining the exchange rate above 187.00, could increase the odds of challenging the YTD high.

The GBP/JPY drop extended to three straight days, as it printed losses of 0.09% late in the New York session, with the pair exchanging hands near its opening price at around 187.07.

Even though the GBP/JPY is trading with a negative bias, it has failed to extend its losses below the 187.00 figure, which could have exposed the Tenkan-Sen level at 186.55. A breach of the latter would likely resume the ongoing downtrend, with sellers eyeing the Senkou Span A at 185.63, followed by the Kijun-Sen support at 184.71.

Given the fact that a ‘double top’ chart pattern is pending further confirmation, a daily close below the abovementioned Kijun-Sen level would validate the pattern, which is targeting the October 30 swing low of 180.76.

On the other hand, keeping the spot price above the Tenkan-Sen and the 187.00 mark could put into play a test of the year-to-date (YTD) high seen at 188.65.

GBP/JPY Price Analysis – Daily Chart

GBP/JPY Technical Levels

GBP/JPY

Overview
Today last price 187.11
Today Daily Change -0.11
Today Daily Change % -0.06
Today daily open 187.22
 
Trends
Daily SMA20 186.13
Daily SMA50 183.69
Daily SMA100 183.44
Daily SMA200 176.83
 
Levels
Previous Daily High 187.88
Previous Daily Low 187.06
Previous Weekly High 188.67
Previous Weekly Low 184.47
Previous Monthly High 184.33
Previous Monthly Low 178.08
Daily Fibonacci 38.2% 187.37
Daily Fibonacci 61.8% 187.56
Daily Pivot Point S1 186.89
Daily Pivot Point S2 186.56
Daily Pivot Point S3 186.07
Daily Pivot Point R1 187.71
Daily Pivot Point R2 188.21
Daily Pivot Point R3 188.54

 

 

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