GBP/JPY Price Analysis: Aims towards 183.00, as technicals suggest consolidation in the short term

GBP/JPY experiences gains for the second consecutive day, peaking at a weekly high of 182.95.
Chikou Span is on the verge of a bullish signal, while flat Tenkan-Sen and Kijun-Sen lines hint at potential subdued movement.
The 183.00 mark remains pivotal; a breakthrough could lead to testing the YTD high of 184.01.
Downside risks include supports at 181.37 (August 8 low) and the Ichimoku Cloud top around 180.50/60.

Christian Borjon Valencia FXStreet

GBP/JPY advanced for the second consecutive day on Tuesday, registering gains of 0.36%, reaching a fresh weekly high of 182.95. Nevertheless, toward the close of the day, the GBP/JPY dipped, and as the Asian session began, the GBP/JPY exchanges hands at 182.65, down 0.03%.

GBP/JPY Price Analysis: Technical outlook

The GBP/JPY remains neutral to upward biased, poised to re-test the year-to-date (YTD) high of 184.01, even though it remains below 183.00. It should be said the Chikou Span is about to give a bullish signal, about to break above price action; however, the Tenkan-Sen remains below the Kijun-Sen, with both lines remaining flat, suggesting the GBP/JPY could remain subdued in the near term.

If GBP/JPY breaks to a new weekly high, the first resistance would be the 183.00 figure. A breach of the latter would expose the August 1 high of 183.24, followed by the YTD high of 184.01

Conversely, if GBP/JPY remains below 183.00, that could open the door for a pullback. First support will emerge at the August 8 daily low of 181.37. The following support would be the top of the Ichimoku Cloud (Kumo) at around 180.50/60, followed by the Kijun-Sen and Tenkan-Sen lines, each at around 180.16 and 179.77, respectively.

GBP/JPY Price Action – Daily chart

GBP/JPY

Overview
Today last price	182.7
Today Daily Change	0.54
Today Daily Change %	0.30
Today daily open	182.16

Trends
Daily SMA20	181.34
Daily SMA50	180.1
Daily SMA100	173.79
Daily SMA200	168.3

Levels
Previous Daily High	182.19
Previous Daily Low	180.58
Previous Weekly High	183.25
Previous Weekly Low	180.46
Previous Monthly High	184.02
Previous Monthly Low	176.32
Daily Fibonacci 38.2%	181.58
Daily Fibonacci 61.8%	181.2
Daily Pivot Point S1	181.1
Daily Pivot Point S2	180.04
Daily Pivot Point S3	179.49
Daily Pivot Point R1	182.71
Daily Pivot Point R2	183.25
Daily Pivot Point R3	184.31

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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