The Pound Sterling (GBP) is poised to conclude the week on a positive note against the Japanese Yen (JPY), marking significant gains of over 0.26% on Friday and an impressive 1.74% weekly increase. As of the latest update, the GBP/JPY pair is trading at 195.10, approaching crucial resistance thresholds.
GBP/JPY Price Analysis: Technical Outlook
Following a rebound from the Bank of Japan‘s intervention last week, the GBP/JPY pair has maintained an upward bias, finding support near the 50-day moving average (DMA) around 193.50 before staging a recovery.
While the uptrend remains intact, the GBP/JPY faces a pivotal resistance point at the Kijun-Sen level of 195.26. A successful breach of this barrier could potentially lead to a test of the psychological level at 196.00, followed by the April 26 high at 197.92.
Conversely, a downside move below the Senkou Span A support at 194.82 might trigger further selling pressure, with potential targets at the Senkou Span B level of 194.24 and the critical 194.00 mark.
Market participants are closely monitoring these technical levels, which could determine the short-term trajectory of the GBP/JPY pair, as it navigates through key support and resistance zones.
