GBP/JPY Price Analysis: Hovers nearby weekly highs as bulls loose steam

Share:

• Despite a brief touch at 183.01, the GBP/JPY remains anchored below the 183.00 psychological resistance.
• Key resistance lies at last week’s high of 183.24, and surpassing this could put YTD high of 184.01 into focus.
• Support levels to watch include the August 9 low at 182.36, Tenkan-Sen at 181.82, and an established support trendline from April’s lows around 180.80/95.

GBP/JPY consolidates around the weekly highs of 182.70s and prints a small candlestick, suggesting the uptrend is losing steam, despite reaching a fresh weekly high of 183.01. However, as the Asian session began, the GBP/JPY exchanged hands at 182.69, well below 183.00, after the Tenkan-Sen crossed above the Kijun-Sen level.