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GBP/JPY Price Analysis: At eight-year high, erases early gains and holds on to 188.00

  • GBP/JPY fluctuates, affected by Japanese CPI and weak UK retail sales; currently at 188.11.
  • The uptrend persists, but a close below 188.22 could trigger a pullback towards 187.00 and possible support levels.
  • Breaking above 188.00 sets the stage for further rallies, aiming for a year-high of 188.92 and potentially reaching 190.00.

He GBP/JPY wobbled late in the North American session, but has so far lost 0.05% after trading within a 150 point range, thanks to Japan's CPI data and weaker UK retail sales. Therefore, the pair traveled within its eight-year daily high and low of 188.92/187.40 before settling at current exchange rates. At the time of writing, the cross is trading at 188.11.

From a technical point of view, the pair remains bullish, but a daily close below January 18, at 188.22, could initially open the door to a pullback towards 187.00. Further bearish sentiment could drag the GBP/JPY rate towards the Tenkan-Sen at 185.84 before challenging the Senkou Span A at 184.74.

Conversely, a daily close above 188.00 could pave the way for further rises, with the year-to-date high at 188.92, ahead of 189.00. The exchange rate is expected to continue rising once those levels are reached. Once these levels are surpassed, the yen could continue to rise to 190.00.

GBP/JPY Price Action – Daily Chart

GBP/JPY Technical Levels

GBP/JPY

Overview
Latest price today 188.14
Today Daily Change -0.04
Today Daily variation % -0.02
Today daily opening 188.18
Trends
daily SMA20 183.15
daily SMA50 184.15
SMA100 daily 183.52
SMA200 daily 180.56
Levels
Previous daily high 188.2
Previous daily low 187.32
Previous weekly high 186.17
Previous weekly low 182.76
Previous Monthly High 187.52
Previous monthly low 178.35
Daily Fibonacci 38.2 187.86
Fibonacci 61.8% daily 187.66
Daily Pivot Point S1 187.6
Daily Pivot Point S2 187.03
Daily Pivot Point S3 186.73
Daily Pivot Point R1 188.48
Daily Pivot Point R2 188.77
Daily Pivot Point R3 189.35

Source: Fx Street

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