Market news
24.01.2022, 20:49

GBP/JPY Price Analysis: Steady around 153.60 amid a downbeat market mood

  • The British pound falls some 0.27% versus the Japanese yen.
  • GBP/JPY Price Forecast: Upward biased, despite losing in the day.

In the New York session, the British pound slides against the safe-haven status of the Japanese yen. The GBP/JPY is trading at 153.64, down 0.27% at the time of writing.

The GBP/JPY began in the right foot in the overnight session, though subdued around the daily highs at 154.50. Nevertheless, as the market mood worsened amid rising tensions in eastern Europe, alongside domestic political issues, the GBP/JPY plunged to 153.00.

That said, alongside the UK economic docket, portraying a dismal IHS Markit PMI report, boosted the Japanese yen, which remains the strongest currency of the day, against most of the G8 complex.

GBP/JPY Price Forecast: Technical outlook

The GBP/JPY has an upward bias despite falling on Monday. The pair faced support around the 200-day moving average (DMA) which lies at 152.98, resuming the upward move, breaching the 100 and the 50-DMA in the upward move.

However, an upslope trendline drawn from October 2021 cycle lows to September 2021 ones, previously breached, is resistance so that any upward moves might be capped around 154.00. A breach of the latter would open the door for further gains. The next resistance would be the psychological 155.00, followed by the January 21 daily high at 155.22, followed by 156.00

On the flip side, the first support would be the DMAs mentioned above. The 50-DMA lies at 153.37, the 100-DMA at 153.28, and the 200-DMA at 152.96.

 

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