GBP/JPY Price Analysis: Buyers reclaimed 192.00 as morning star forms
- GBP/JPY climbs past 192.00, buoyed by light economic data and upbeat sentiment.
- Resistance at 192.24, 192.50, with eyes on 193.00+.
- Defined support levels mark potential reversal points if retreat occurs.
The GBP/JPY climbed 0.29% late in the North American session after bouncing off daily lows reached earlier at around 191.35. Risk appetite improvement amid a light economic docket sponsored a rally in the cross-pair, which trades at 192.10.
GBP/JPY Price Analysis: Technical outlook
The GBP/JPY daily chart suggests the air is neutral to slightly upwards after buyers reclaimed 192.00. If the pair surpasses the April 4 high of 192.24, look for a test of 192.50. A breach of the latter will open the door to challenging the 193.00 figure. Further upside is seen at 193.53.
On the other hand, if the cross dives below 192.00, that would expose the Tenkan-Sen level at 191.14. Once surpassed, the next support would be the Senkou Span A at 190.94, ahead of the Kijun-Sen at 190.74. in further weakness, the next stop would be the April 2 low of 190.03.