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20:58:37 15-03-2024

GBPJPY Price Analysis: Climbs on BoJ mixed sgnals, eyes 190.00

  • GBP/JPY rises buoyed by uncertainty over BoJ's interest rate stance, marking a weekly gain.
  • Recovery from near the 50-day DMA suggests bullish momentum, with eyes on the 190.00 resistance mark.
  • A drop below the Kijun Sen could signal a correction phase, with significant support at the March 11 low.

The Pound Sterling extended its gains versus the Japanese Yen and is set to finish the week with gains, as the GBP/JPY trades at 189.72, gains 0.34%. Bank of Japan (BoJ) officials delivering mixed messages during the week prompted investors to sell the Yen as speculations grew the BoJ would not raise rates.

GBPJPY Price Analysis: Technical outlook

The cross-pair has recovered after dipping near the 50-day moving average (DMA) at 187.84, capping the GBP/JPY slide amid BoJ’s ending negative interest rates. Once those dissipated, a ‘bullish harami’ candle pattern emerged, pushing the spot prices higher. As of writing, the next resistance level would be 190.00. A breach of the latter would expose the March 4 high of 191.18, followed by the year-to-date high of 191.32.

For a bearish scenario, sellers must drag the price below the Kijun Sen o f58, ahead of the Senkou Span A at 189.64. Although this suggests that the pair is in an ongoing correction, a drop below the March 11 low of 187.96 could open the door for a deeper pullback.

GBPJPY Price Action – Daily Chart

GBP/JPY

Overview
Today last price 189.82
Today Daily Change 0.65
Today Daily Change % 0.34
Today daily open 189.17
 
Trends
Daily SMA20 189.84
Daily SMA50 188.17
Daily SMA100 186
Daily SMA200 184.22
 
Levels
Previous Daily High 189.52
Previous Daily Low 188.6
Previous Weekly High 191.19
Previous Weekly Low 188.24
Previous Monthly High 191.33
Previous Monthly Low 185.23
Daily Fibonacci 38.2% 189.17
Daily Fibonacci 61.8% 188.95
Daily Pivot Point S1 188.67
Daily Pivot Point S2 188.17
Daily Pivot Point S3 187.74
Daily Pivot Point R1 189.6
Daily Pivot Point R2 190.02
Daily Pivot Point R3 190.52

 

 

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