GBP/JPY Price Analysis: Waves around 181.00; bulls await a breakthrough

GBP/JPY could form a bullish-engulfing pattern if it reclaims 182.00.
The first support stands at 181.00, with a potential drop towards 180.00.
Tenkan-Sen line at 182.40 serves as immediate resistance.

Christian Borjon Valencia FXStreet

The GBP/JPY slides for the fourth straight day after data from the United Kingdom (UK) bolstered the Pound Sterlin (GBP), as the pair bounced late in the session from Tuesday’s daily lows around 180.78. At the time of writing, the GBP/JPY is trading at 181.38, registering minuscule losses of 0.04% as the Asian session starts.

GBP/JPY Price Analysis: Technical outlook

From a daily chart perspective, the GBP/JPY, after touching a weekly low of 180.78, buyers entered the market, lifting the pair back above the 181.00 mark. Tuesday’s candlestick reassembled a hammer, suggesting buying pressure outweighed sellers, which seem to have book profits, after UK’s data.

If GBP/JPY reclaims the 182.00 figure, that could form a bullish-engulfing candle pattern, suggesting further upside is expected. In that outcome, the GBP/JPY next resistance would be the Tenkan-Sen line at 182.40, followed by the 183.00 figure, ahead of the July 10 daily high at 183.22.

Conversely, GBP/JPY’s failure to crack 182.00 could exacerbate a continuation of the ongoing downtrend. That said, the first support would be 181.00. Once cleared, the next support would be the current weekly low of 180.78, followed by the Senkou Span A at 180.37, and then the 180.00 figure.

GBP/JPY Price Action – Daily chart

GBP/JPY

Overview
Today last price	181.39
Today Daily Change	-0.35
Today Daily Change %	-0.19
Today daily open	181.74

Trends
Daily SMA20	181.87
Daily SMA50	175.96
Daily SMA100	170.04
Daily SMA200	166.81

Levels
Previous Daily High	183.23
Previous Daily Low	181.1
Previous Weekly High	184.02
Previous Weekly Low	182.02
Previous Monthly High	183.88
Previous Monthly Low	172.67
Daily Fibonacci 38.2%	181.91
Daily Fibonacci 61.8%	182.42
Daily Pivot Point S1	180.82
Daily Pivot Point S2	179.9
Daily Pivot Point S3	178.7
Daily Pivot Point R1	182.94
Daily Pivot Point R2	184.15
Daily Pivot Point R3	185.07

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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