GBP/JPY Price Analysis: Stalls within a tight range around 192.00

• GBP/JPY remains confined between 191.60 and 192.80, unable to break through key resistance at 193.00.
• Technical analysis highlights potential decline towards strong support at 190.00, with key indicators aligning.
• Immediate technical supports to watch include the Tenkan-Sen at 191.46 and the Kijun-Sen at 191.06.

The GBP/JPY consolidates at around current exchange rates, unable to break above/below the 191.60/192.80 range, following an inflation report in the UK that sparked a rally in the GBP/USD pair. Therefore, after finishing Wednesday’s session around familiar levels, the cross-currency pair trades at 192.22, virtually unchanged.

GBP/JPY Price Analysis: Technical outlook

The daily chart shows the pair has peaked, as buyers remained unable to crack the 193.00 figure to challenge the year-to-date (YTD) high of 193.53. That opened the door for a dip toward the 190.00 mark, a strong support level, as key technical indicators converged around that area. The April 2 low of 190.03, the 50-day moving average (DMA), and the top of the Ichimoku Cloud (Kumo).