Categories: Markets

GBP/JPY Price Analysis: Remains bearish despite facing support around 187.00 as double top looms

GBP/JPY Price Analysis: Remains bearish despite facing support around 187.00 as double top looms
  • The GBP/JPY daily chart shows the formation of a double top chart pattern.
  • If the pair falls below the Kijun-Sen, a further decline towards 180.76 is expected, due to the confirmation of the double top.
  • Buyers who maintain the exchange rate above 187.00 could increase the odds of challenging the YTD high.

GBP/JPY’s decline extended to three consecutive days, as it recorded losses of 0.09% at the end of the American session, with the pair trading close to its opening price around 187.07.

Even though the GBP/JPY pair is trading with a negative bias, it has failed to extend its losses below 187.00, which could have exposed the Tenkan-Sen level at 186.55. Breaking this last level would resume the downtrend, with sellers focusing on the Senkou Span A level at 185.63, followed by the Kijun-Sen support at 184.71.

Since the “double top” chart pattern is pending confirmation, a daily close below the Kijun-Sen level would validate the pattern, which is targeting the October 30 low at 180.76.

Spot, above the Tenkan-Sen and 187.00, would test the year-to-date high at 188.65.

GBP/JPY Price Analysis – Daily Chart

GBP/JPY Technical Levels

GBP/JPY

Overview
Latest price today 187.11
Today Daily Change -0.11
Today’s daily change -0.06
Today’s daily opening 187.22
Trends
daily SMA20 186.13
daily SMA50 183.69
SMA100 daily 183.44
SMA200 daily 176.83
Levels
Previous daily high 187.88
Previous daily low 187.06
Previous weekly high 188.67
Previous weekly low 184.47
Previous Monthly High 184.33
Previous monthly low 178.08
Daily Fibonacci 38.2 187.37
Fibonacci 61.8% daily 187.56
Daily Pivot Point S1 186.89
Daily Pivot Point S2 186.56
Daily Pivot Point S3 186.07
Daily Pivot Point R1 187.71
Daily Pivot Point R2 188.21
Daily Pivot Point R3 188.54

Source: Fx Street