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GBP/JPY Price Analysis: Oscillates in the upper part of the Kumo, above 183.00

  • GBP/JPY manages losses of 0.54%, clinging to the top of the Ichimoku Cloud at 183.25.
  • Optimistic market sentiment and fear of intervention by Japanese authorities could limit the possible recovery.
  • If GBP/JPY dives inside the Kumo, the first support is at 183.00, followed by the Tenkan-Sen at 182.52.

The British pound (GBP) loses some ground to the Japanese yen (JPY) on Wednesday, but clings to the top of the Ichimoku (Kumo) cloud around 183.25, although it reaches losses of 0.54%.

Bullish market sentiment has limited GBP/JPY’s decline within the Kumo, which could open the door to further losses. If the cross remains above that level, it could open the door to recovering 184.00, but fear that the Japanese authorities will intervene in the currency markets could limit the recovery and trigger another downward leg.

On the other hand, if GBP/JPY sinks inside the Kumo, the first support would be 183.00. Below that level additional losses would occur, first on the Tenkan-Sen at 182.52, followed by 182.00. Once overcome, the next support would be the bottom of the Kumo at 181.55/60, before reaching the Kijun-Sen at 181.16.

GBP/JPY Price Action – Daily Chart

GBP/JPY Technical Levels

GBP/JPY

Overview
Latest price today 183.16
Today Daily Change -1.14
Today’s daily variation -0.62
Today’s daily opening 184.3
Trends
daily SMA20 182.27
daily SMA50 182.89
SMA100 daily 182.64
SMA200 daily 174.25
Levels
Previous daily high 184.33
Previous daily low 181.28
Previous weekly high 183.75
Previous weekly low 181.04
Previous Monthly High 184.33
Previous monthly low 178.08
Daily Fibonacci 38.2 183.16
Fibonacci 61.8% daily 182.44
Daily Pivot Point S1 182.27
Daily Pivot Point S2 180.25
Daily Pivot Point S3 179.23
Daily Pivot Point R1 185.32
Daily Pivot Point R2 186.35
Daily Pivot Point R3 188.37

Source: Fx Street

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