The GBP/JPY pair opened Tuesday’s Asian session with little change, trading at 193.63, just below the 200-day Simple Moving Average (SMA) of 193.91. The pair has been consolidating within the range of 192.70 to 193.98, as buying pressure remains insufficient to push prices higher.
GBP/JPY Technical Outlook: Neutral to Bullish Bias
The GBP/JPY market remains neutral to slightly bullish. Despite the pair’s ability to trade above the Ichimoku Cloud (Kumo), buyers have struggled to break through the key resistance at the 200-day SMA. A decisive move above 194.00, coupled with a break of the March 28 high of 195.71, would be needed to shift the bias to a full bullish trend.
Should the pair manage to sustain an upward move, key resistance levels to watch include 196.00 and the January 7 daily high of 198.24. Conversely, if GBP/JPY falls below the Kumo top and the 100-day SMA around 192.89-193.00, a deeper decline could follow, targeting 191.81, where the Kijun-sen lies, followed by the 50-day SMA at 191.63.
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