GBP/JPY Price Analysis: Slumps below 192.00 amid risk-off mood

Source Fxstreet
Apr 19, 2024 21:08
  • GBP/JPY drops 0.56%, as rising Israel-Iran tensions drive safe-haven flows to the Yen.
  • Though lower, the pair stays bullish above the Ichimoku Cloud, with recovery possible upon reclaiming 192.00.
  • Watch key levels: Immediate support at the Kijun Sen at 191.06, with potential further drops towards 190.55.

After consolidating around 192.00 for the last three days, the GBP/JPY finally tumbled to the 191.00 handle. A flight to safe-haven assets spurred by an escalation of the Israel-Iran conflict boosted the Japanese Yen (JPY) to the detriment of the Pound Sterling. At the time of writing, the cross has lost 0.56% and trades at 191.19.

GBP/JPY Price Analysis: Technical outlook

The GBP/JPY remains above the Ichimoku Cloud (Kumo), suggesting the pair is bullish. Despite sliding below key support levels, like the Tenkan and Kijun Sen, the 50-day moving average (DMA), and hitting a daily low of  190.29,  the pair resumed its recovery to the current exchange rates.

For a bullish continuation, traders must reclaim 192.00 before breaking the next resistance area at 192.80. Once cleared that would expose the 193.00 psychological level, followed by the year-to-date (YTD) high at 193.54.

On the other hand, if the pair slips below the Kijun Sen level at 191.06, that would exacerbate a drop below the confluence of an upslope support trendline and the 50-day moving average (DMA) at 190.55.

GBP/JPY Price Action – Daily Chart

GBP/JPY

Overview
Today last price 191.3
Today Daily Change -1.02
Today Daily Change % -0.53
Today daily open 192.32
 
Trends
Daily SMA20 191.57
Daily SMA50 190.6
Daily SMA100 187.45
Daily SMA200 185.51
 
Levels
Previous Daily High 192.79
Previous Daily Low 191.91
Previous Weekly High 193.02
Previous Weekly Low 190
Previous Monthly High 193.54
Previous Monthly Low 187.96
Daily Fibonacci 38.2% 192.45
Daily Fibonacci 61.8% 192.25
Daily Pivot Point S1 191.89
Daily Pivot Point S2 191.46
Daily Pivot Point S3 191.02
Daily Pivot Point R1 192.77
Daily Pivot Point R2 193.22
Daily Pivot Point R3 193.65

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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