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GBP/JPY Price Analysis: Pulls back from yearly highs as evening star looms

  • GBP/JPY retreats from the weekly high of 188.24 and trades around 187.00 amid emerging bearish chart patterns.
  • The formation of an “evening star” pattern near the yearly highs indicates the possibility of further declines, with key supports at 186.41 and 186.04 in focus.
  • A bounce above 188.00 could invalidate the bearish outlook, setting the stage for a test of the year-to-date high at 188.24 and possibly the 190.00 level.

The GBP/JPY pair retreats from the weekly highs reached on Wednesday around 188.24 and hovers around the 187.00 area late in the New York session, while a three-candle chart pattern appears that could justify further bearish pressure on the pair.

In the short term, the GBP/JPY pair is consolidating near the year’s highs, although it is forming an “evening star” chart pattern. However, sellers must reclaim the Tenkan-Sen at 186.41, along with the Nov 14 low at 186.04 to exacerbate a deeper pullback below the Senkou Span A seen at 185.47, ahead of the Kijun-Sen at 184.52.

On the other hand, if buyers reclaim 188.00, this could open the door for further upside, with buyers targeting the year-to-date high at 188.24, followed by 190.00.

GBP/JPY Price Analysis – Daily Chart

GBP/JPY Technical Levels


Latest price today 187.03
Today Daily Change -0.87
Today’s daily variation -0.46
Today’s daily opening 187.9
daily SMA20 184.05
daily SMA50 183.05
SMA100 daily 183.08
SMA200 daily 175.66
Previous daily high 188.24
Previous daily low 187.2
Previous weekly high 185.97
Previous weekly low 184.55
Previous Monthly High 184.33
Previous monthly low 178.08
Daily Fibonacci 38.2 187.84
Fibonacci 61.8% daily 187.6
Daily Pivot Point S1 187.32
Daily Pivot Point S2 186.74
Daily Pivot Point S3 186.28
Daily Pivot Point R1 188.36
Daily Pivot Point R2 188.82
Daily Pivot Point R3 189.4

Source: Fx Street

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