• Thu. May 30th, 2024

GBP/JPY Price Analysis: Consolidates around 191.00 amid thin liquidity conditions

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  • GBP/JPY hovers around 191.00, reflecting market caution ahead of Japanese unemployment and industrial production updates.
  • Wall Street ends Q1 on a mixed note, with UK’s recession confirmation and vigilance over JPY’s weakness influencing sentiment.
  • Technical analysis suggests potential for movement if GBP/JPY breaches key levels, with 192.00 and 193.00 as notable targets.

The GBP/JPY barely moved on Thursday amid thin liquidity conditions and is hovering around 191.00, virtually unchanged as Friday’s Asian session begins.

Wall Street posted a stellar first quarter of 2024, with the S&P 500 and the Dow Jones finishing in the green. The outlier was the Nasdaq Composite, which dropped 0.12% in the last trading day of Q1.

In addition, economic data from the UK showed that Britain’s economy hit a technical recession, as expected by the market consensus. In Japan, authorities remain vigilant about the Japanese Yen’s (JPY) weakness, which sent the USD/JPY rallying near 152.00.

As the Asian session begins, the Japanese economic docket will reveal the unemployment rate for February, which is expected to remain at 2.4%. At the same time, Industrial Production figures for the same month are expected to rise from -6.7% MoM to 1.4%, while Retail Sales are foreseen to expand by 3%.

GBP/JPY Price Analysis: Technical outlook

The GBP/JPY is subdued as liquidity conditions tumble. If buyers regain control, they must push prices above the Tenkan-Sen level at 191.57, which could open the door to challenge 192.00. Further upside is seen at 193.00, followed by the year-to-date (YTD) high at 193.53

On the flip side, if the pair drops below 191.00, that would pave the way for further losses. The next support would be the Kijuin-Sen at 190.74, followed by the 190.00 mark.

GBP/JPY Price Action – Daily Chart

GBP/JPY

OVERVIEW
Today last price 191.06
Today Daily Change -0.09
Today Daily Change % -0.05
Today daily open 191.15
TRENDS
Daily SMA20 190.34
Daily SMA50 189.26
Daily SMA100 186.67
Daily SMA200 184.78
LEVELS
Previous Daily High 191.54
Previous Daily Low 190.51
Previous Weekly High 193.54
Previous Weekly Low 189.54
Previous Monthly High 191.33
Previous Monthly Low 185.23
Daily Fibonacci 38.2% 190.9
Daily Fibonacci 61.8% 191.15
Daily Pivot Point S1 190.6
Daily Pivot Point S2 190.04
Daily Pivot Point S3 189.57
Daily Pivot Point R1 191.62
Daily Pivot Point R2 192.1
Daily Pivot Point R3 192.65
On Key

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