GBP/JPY Price Analysis: Holds steady amid hawkish BoJ; sellers eye 183.00

Strong Chinese data and hawkish comments by BoJ Governor Ueda underpinned the JPY.
The pair is neutral to upward biased from a daily chart, at the brisk of breaching the Ichimoku cloud.
Short term, the GBP/JPY is downward biased, set to test the 183.00 area.

Christian Borjon Valencia FXStreet

The Pound Sterling (GBP) stops its decline vs. the Japanese Yen (JPY) as Tuesday’s Asian session begins, following Monday’s session that witnessed a 0.47% loss for the cross-currency pair. The reasons behind the move were good Chinese data and some hawkish comments by the Bank of Japan (BoJ) Governor Kazuo Ueda. The GBP/JPY is trading at 183.38, a gain 0.06%.

GBP/JPY Price Analysis: Technical outlook

From a daily chart perspective, the pair is neutral to upward biased, remaining above the Ichimoku Cloud (Kumo). Nevertheless, since the cross printed the yearly high, the GBP/JPY achieved successive series of lower highs and lows, keeping that neutral stance on the cross. Also, an upslope support trendline, drawn from March 2023 lows, passes around 183.00. That said, a decisive break below the latter could open the door for further downside.

Short term, the GBP/JPY is set to extend its losses, capped on the upside by the Senkou Span B at 183.57. Once cleared, the pair’s next stop would be the bottom of the Ichimoku Cloud (Kumo) at around the 183.70 area, followed by a challenge of the 184.00 figure. Conversely, and the path of least resistance, the first support would be the 183.20 area. Once cleared, the cross would dive towards the 183.00 figure, followed by the September 11 daily low at 182.67.

GBP/JPY Price Action – Hourly chart

GBP/JPY

Overview
Today last price	183.32
Today Daily Change	-0.96
Today Daily Change %	-0.52
Today daily open	184.28

Trends
Daily SMA20	184.92
Daily SMA50	183.14
Daily SMA100	178.67
Daily SMA200	170.45

Levels
Previous Daily High	184.47
Previous Daily Low	183.07
Previous Weekly High	185.78
Previous Weekly Low	183.07
Previous Monthly High	186.77
Previous Monthly Low	180.46
Daily Fibonacci 38.2%	183.93
Daily Fibonacci 61.8%	183.6
Daily Pivot Point S1	183.41
Daily Pivot Point S2	182.54
Daily Pivot Point S3	182.01
Daily Pivot Point R1	184.81
Daily Pivot Point R2	185.34
Daily Pivot Point R3	186.21

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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