GBP/JPY Price Analysis: Oscillates on top of Kumo, above 183.00

GBP/JPY achieves losses of 0.54%, clinging to the top of the Ichimoku Cloud at 183.20s.
Upbeat market sentiment and fears of Japanese authorities intervening could cap the potential rally.
If GBP/JPY dives inside the Kumo, the first support is at 183.00, followed by Tenkan-Sen at 182.52.

Christian Borjon Valencia FXStreet

The Pound Sterling (GBP) losses some ground against the Japanese Yen (JPY) on Wednesday but clings to the top of the Ichimoku Cloud (Kumo) at around 183.20s, though it achieves losses of 0.54%.

An upbeat market sentiment has capped the GBP/JPY fall inside the Kumo, which could open the door for further losses. If the cross stands above that level, that could open the door to reclaiming 184.00, but fears of Japanese authorities intervening in the Forex markets could cap the rally and trigger another leg down.

On the flip side, if GBP/JPY dives inside the Kumo, the first support would be 183.00. Additional losses lie below that level, firstly the Tenkan-Sen at 182.52, followed by the 182.00 mark. Once cleared, the next support would emerge at the bottom of the Kumo at 181.55/60, ahead of reaching the Kijun-Sen at 181.16.

GBP/JPY Price Action – Daily chart

GBP/JPY Technical Levels

GBP/JPY

Overview
Today last price	183.16
Today Daily Change	-1.14
Today Daily Change %	-0.62
Today daily open	184.3

Trends
Daily SMA20	182.27
Daily SMA50	182.89
Daily SMA100	182.64
Daily SMA200	174.25

Levels
Previous Daily High	184.33
Previous Daily Low	181.28
Previous Weekly High	183.75
Previous Weekly Low	181.04
Previous Monthly High	184.33
Previous Monthly Low	178.08
Daily Fibonacci 38.2%	183.16
Daily Fibonacci 61.8%	182.44
Daily Pivot Point S1	182.27
Daily Pivot Point S2	180.25
Daily Pivot Point S3	179.23
Daily Pivot Point R1	185.32
Daily Pivot Point R2	186.35
Daily Pivot Point R3	188.37

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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