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15 Jan 2024

GBP/JPY Price Analysis: Pierces Kumo as buyers’ eye 186.00

  • GBP/JPY gathers steam as ‘bullish piercing pattern’ emerges, with buyers targeting 186.00 and beyond.
  • The cross shifted bullish as buyers light exchange rate above the Kumo, with upside risks at 186.10, and 187.56.
  • Potential downside risks lie at 184.47, followed by 183.49.

The GBP/JPY is up by 0.47% on Monday, though it remains reluctant to push above the 186.00 figure for the fourth straight day despite turning bullish. At the time of writing, the cross-currency pair is trading at 185.54 after hitting a daily low of 184.62.

The daily chart portrays the pair as having pierced above the Ichimoku Cloud (Kumo), opening the door for further gains. Besides that, the Chiou Span is about to cross above price action, which would be the second bullish signal, that could propel the GBP/JPY toward higher prices.

If buyers surpass the January 11 high at 186.10, that would pave the way for further upside. Once cleared, the next stop would be the November 30 swing high at 187.56, followed by the November 24 high at 188.66.

On the flip side, if GBP/JPY slides below the January 12 daily low of 184.47, that could put the uptrend in danger. If the cross hurdles that level, the next support would be the Senkou Span B at 183.49, followed by the Tenkan-Sen at 182.55, followed by the Senlo Span A at 182.39, and the Kijun-Sen at 182.25.

GBP/JPY Price Action – Daily Chart

GBP/JPY Technical Levels

 

Jan 15, 2024

Forex Today: Geopolitics dominated the headlines on Monday

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Crude Oil struggles to pick a direction as geopolitical tensions and rebel attacks mire the outlook

West Texas Intermediate (WTI) US Crude Oil saw weakness in early Monday trading, falling to a near-term low of $71.40 before rebounding to $72.50 following a fresh rocket attack on a civilian cargo ship by Iran-backed Houthi rebels in Yemen.
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