The GBP/JPY pair experienced a modest uptick of 0.17% on Friday, buoyed by a risk-on sentiment prevailing in the market following the release of impactful economic data from the United States. The Nonfarm Payrolls report for March surpassed expectations, albeit providing marginal support to the US Dollar, as evidenced by the subdued reaction of the GBP/USD pair. As of the latest update, the pair is trading at 191.60, rebounding from a low of 190.67 earlier in the session.
Technical Analysis of GBP/JPY:
The session concluded with the pair hovering near the mid-highs of the week but remaining below the psychological level of 192.00. Despite trading above the Ichimoku Cloud (Kumo), the GBP/JPY exhibits a slight downside bias, marked by a lower high and low.
Key Levels to Watch:
In the event of a downward movement, the initial support for GBP/JPY rests at the Senkou Span A at 190.96. A breach of this level could expose the Kijun-Sen at 190.74, followed by the April 2nd low of 190.03. Further downside potential is identified at the Senkou Span B at 189.38.
Conversely, the first line of resistance lies at the 192.00 mark. An upward breakthrough may lead to the 193.00 level, followed by the year-to-date (YTD) high at 193.54.
