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GBP/JPY Price Analysis: Oscillating below Kumo, with buyers eyeing 181.60
🐡 GBP/JPY temporarily halted its downward trend on Thursday and recorded a gain of over 0.50% in a day that saw the pair move from around 179.56 to a closing level of 180.92. As of writing this, at the start of the Asian session on Friday, the cross currency pair is trading at 181.05, achieving a marginal increase of 0.07%.
🐡 The daily chart depicts a neutral to bearish trend for this pair, nearing a test of the bottom of the Ichimoku Cloud (Kumo) around 181.61. If that area is breached, the next stop for GBP/JPY would be the Kijun-Sen at 181.90 before surpassing the 182.00 level. On the other hand, in case prices continue to decline, the first support level for this pair would be the lowest swing low on October 3rd at 178.03. Once cleared, the next support level would be the lowest point within the July 28th cycle at 176.30.
GBP/JPY Price Analysis: Oscillating below Kumo, with buyers eyeing 181.60
🐡 GBP/JPY temporarily halted its downward trend on Thursday and recorded a gain of over 0.50% in a day that saw the pair move from around 179.56 to a closing level of 180.92. As of writing this, at the start of the Asian session on Friday, the cross currency pair is trading at 181.05, achieving a marginal increase of 0.07%.
🐡 The daily chart depicts a neutral to bearish trend for this pair, nearing a test of the bottom of the Ichimoku Cloud (Kumo) around 181.61. If that area is breached, the next stop for GBP/JPY would be the Kijun-Sen at 181.90 before surpassing the 182.00 level. On the other hand, in case prices continue to decline, the first support level for this pair would be the lowest swing low on October 3rd at 178.03. Once cleared, the next support level would be the lowest point within the July 28th cycle at 176.30.
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