GBP/JPY Price Analysis: Falls for the third day in a row, with bears firmly in control

  • The GBP/JPY daily chart shows the pair trading near the bottom of the Ichimoku (Kumo) cloud.
  • Initial support is at 181.50/55; if it overcomes it, it could test 18.00 and the October 3 low at 178.31.
  • First resistance at 182.00, followed by the week’s high at 182.81.

The pair GBP/JPY trended lower late in the New York session, after reaching a daily high of 182.51, although deteriorating sentiment encouraged outflows from the British Pound (GBP) towards the safe-haven Japanese yen (JPY). The pair is trading at 181.98, down 0.01%.

From a technical point of view, the GBP/JPY daily chart shows the pair weakening, trading within the Ichimoku (Kumo) cloud near the bottom of it. If the pair breaks through the initial support seen at 181.50/55, it will pave the way to test 18.00, followed by the October 3 low at 178.31. Further declines are expected to the daily level of July 28 and the latest cycle low at 176.30.

Conversely, the first resistance for GBP/JPY would be the 182.00 figure, followed by the current week’s high at 182.81. Additional upside risks lie above 183.00, such as the Kumo top around 184.50/75.

GBP/JPY Price Action – Daily Chart

GBP/JPY Technical Levels

GBP/JPY

Overview
Latest price today 182
Today Daily variation -0.02
Today Daily variation % -0.01
Today’s daily opening 182.02
Trends
daily SMA20 181.87
daily SMA50 183.39
SMA100 daily 181.93
SMA200 daily 173.19
Levels
Previous daily high 182.81
Previous daily low 181.85
Previous weekly high 183.82
Previous weekly low 181.26
Previous Monthly High 185.78
Previous monthly low 180.82
Daily Fibonacci 38.2 182.22
Fibonacci 61.8% daily 182.45
Daily Pivot Point S1 181.64
Daily Pivot Point S2 181.26
Daily Pivot Point S3 180.68
Daily Pivot Point R1 182.61
Daily Pivot Point R2 183.19
Daily Pivot Point R3 183.57

Source: Fx Street

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