GBP/JPY Price Analysis: A bearish engulfing pattern looms after diving below 192.00
10.04.2024, 20:13

GBP/JPY Price Analysis: A bearish engulfing pattern looms after diving below 192.00

  • 'Bearish engulfing' on GBP/JPY suggests growing bearish momentum.
  • Break below Tenkan-Sen may lead to more declines, with key supports eyed.
  • Resistance at 192.00, recent highs key for reversals; market sentiment watched.

The GBP/JPY retreats late on Wednesday during the North American session and is down 0.27% as the market sentiment shifts sour. Speculation that the Federal Reserve wouldn’t cut rates as expected spurred risk aversion, with traders seeking safety moving to the Japanese Yen, the Greenback, and the Swissie. The cross exchanges hands at 191.82.

GBP/JPY Price Analysis: Technical outlook

The picture shows the formation of a ‘bearish engulfing’ candle pattern, which suggests that bears are gathering momentum. However, to confirm that the GBP/JPY has peaked at around 192.94 as of today, sellers must push prices below the Tenkan-Sen level at 191.49. Once cleared, the next stop would be the Senkou Span A at 191.12, ahead of falling to the Kijun Sen at 190.74.

On the flip side, the GBP/JPY first resistance would be the 192.00 figure, followed by April’s 10 high at 192.95. The next resistance would be the current year-to-date (YTD) high at 193.53.

GBP/JPY Price Action – Daily Chart

GBP/JPY

Overview
Today last price 191.84
Today Daily Change -0.58
Today Daily Change % -0.30
Today daily open 192.42
 
Trends
Daily SMA20 191.13
Daily SMA50 189.89
Daily SMA100 187.13
Daily SMA200 185.16
 
Levels
Previous Daily High 192.86
Previous Daily Low 192.07
Previous Weekly High 192.25
Previous Weekly Low 190.04
Previous Monthly High 193.54
Previous Monthly Low 187.96
Daily Fibonacci 38.2% 192.56
Daily Fibonacci 61.8% 192.37
Daily Pivot Point S1 192.04
Daily Pivot Point S2 191.67
Daily Pivot Point S3 191.26
Daily Pivot Point R1 192.83
Daily Pivot Point R2 193.23
Daily Pivot Point R3 193.61

 

 

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