GBPJPY Price Analysis: Technical outlook
The cross-pair has recovered after dipping near the 50-day moving average (DMA) at 187.84, capping the GBP/JPY slide amid BoJ’s ending negative interest rates. Once those dissipated, a ‘bullish harami’ candle pattern emerged, pushing the spot prices higher. As of writing, the next resistance level would be 190.00. A breach of the latter would expose the March 4 high of 191.18, followed by the year-to-date high of 191.32.
For a bearish scenario, sellers must drag the price below the Kijun Sen o f58, ahead of the Senkou Span A at 189.64. Although this suggests that the pair is in an ongoing correction, a drop below the March 11 low of 187.96 could open the door for a deeper pullback
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