GBP/JPY Price Analysis: Peaks around 188.00 post-BoJ’s decision

GBP/JPY falls 0.26% after BoJ retains accommodative policy, hinting at future changes.
Struggling to hold above 188.00; support at 187.00 and Tenkan-Sen 186.70.
Rebound over 188.00 may lead to 188.92 year-to-date high, targeting 189.00, eyeing key 190.00 level.

Christian Borjon Valencia FXStreet

The GBP/JPY dropped by 0.26% late in the North American session after the Bank of Japan’s (BoJ) decision to maintain monetary policy loose. However, words from BoJ Governor Kazue Ueda had opened the door to normalize policy if inflation keeps heading up. At the time of writing, the cross exchanged hands at 187.64 after hitting a high of 188.47.

The daily chart portrays the pair peaked at around the 188.00 figure, and since sellers took over buyers, they dragged the GBP/JPY exchange rate to the 187.00 handle. Nevertheless, they must clear the psychological 187.00 barrier ahead of hurdling the Tenkan-Sen at 186.70. A breach of those two levels will expose the Senkou Span A at 185.26, followed by the 185.00 mark.

On the other hand, if GBP/JPY regains 188.00, that could pave the way to test the current year-to-date (YTD) high of 188.92, ahead of 189.00 and 190.00.

GBP/JPY Price Action – Daily Chart

GBP/JPY Technical Levels

GBP/JPY

Overview
Today last price	187.78
Today Daily Change	-0.43
Today Daily Change %	-0.23
Today daily open	188.21

Trends
Daily SMA20	184.22
Daily SMA50	184.25
Daily SMA100	183.62
Daily SMA200	180.89

Levels
Previous Daily High	188.92
Previous Daily Low	187.36
Previous Weekly High	188.94
Previous Weekly Low	184.66
Previous Monthly High	187.52
Previous Monthly Low	178.35
Daily Fibonacci 38.2%	188.33
Daily Fibonacci 61.8%	187.95
Daily Pivot Point S1	187.4
Daily Pivot Point S2	186.59
Daily Pivot Point S3	185.83
Daily Pivot Point R1	188.97
Daily Pivot Point R2	189.73
Daily Pivot Point R3	190.54

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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