- GBP/JPY's decline below 190.00 aligns with a broader downtrend, awaiting new technical levels.
- A close below the February 29 low could open the way to 188.73 Kijun-Sen and beyond.
- The recovery depends on regaining ground above 189.00, with resistance awaiting at 189.71 and the early March highs.
The GBP/JPY pair fell for the fourth consecutive day late in the North American session, ending the week with losses of 0.44%, below the 190.00 threshold. At the time of writing, the cross is trading at 188.98, down 0.31%.
After falling below the February 29 low at 189.04, GBP/JPY has tilted lower, but sellers need to achieve a daily close below that level, so they test the Kijun-Sen at 188.73 . Further losses are expected at 188.00, followed by the 50-day moving average (DMA) at 187.47.
On the other hand, if buyers move and the pair prints a close above 189.00, that could sponsor a leg up. The first resistance would be the Tenkan-Sen at 189.71, followed by the March 7 high at 190.14. The next high would be the March 4 high at 191.18.
GBP/JPY Price Action – Daily Chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
