GBP/JPY Price Analysis: Drops to new weekly low below 200.00

Source Fxstreet
May 30, 2024 20:31
  • GBP/JPY slips to 199.68 after hitting YTD high of 200.74 on May 29.
  • Technical indicators show momentum fading, with RSI exiting overbought conditions.
  • Key support levels: Kijun-Sen at 199.03, Senkou Span A at 197.54, and Tenkan-Sen at 196.05.

The GBP/JPY extended its losses for the second straight day after the cross-pair retreated from around the year-to-date (YTD) high of 200.74, hit on May 29. At the time of writing, the pair trades at 199.68, posting modest losses of 0.24%.

GBP/JPY Price Analysis: Technical outlook

The GBP/JPY uptrend remains intact after buyers achieved fourteen positive trading sessions, opening the door to new yearly highs. Despite that, momentum seems to be fading as the Relative Strength Index (RSI) exited from overbought conditions, opening the door for a mean reversion move. Therefore, the cross registered back-to-back negative sessions, dragging the exchange rate below 200.00.

If GBP/JPY drops below the Kijun-Sen of 199.03, that would sponsor a dip to the Senkou Span A at 197.54. Further losses lie below 197.00, kike the Tenkan-Sen at 196.05.

On the other hand, if buyers reclaim 200.00, look for renewed buying that can push the exchange rate to challenge the YTD high of 200.74.

GBP/JPY Price Action – Daily Chart

GBP/JPY

Overview
Today last price 199.7
Today Daily Change -0.53
Today Daily Change % -0.26
Today daily open 200.23
 
Trends
Daily SMA20 196.84
Daily SMA50 194.18
Daily SMA100 191.45
Daily SMA200 187.43
 
Levels
Previous Daily High 200.75
Previous Daily Low 200.05
Previous Weekly High 200.07
Previous Weekly Low 197.39
Previous Monthly High 200.59
Previous Monthly Low 190
Daily Fibonacci 38.2% 200.32
Daily Fibonacci 61.8% 200.48
Daily Pivot Point S1 199.94
Daily Pivot Point S2 199.64
Daily Pivot Point S3 199.24
Daily Pivot Point R1 200.64
Daily Pivot Point R2 201.04
Daily Pivot Point R3 201.34

 

 

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