The GBP/JPY pair held steady around 191.00 on Friday, experiencing minimal movement due to Easter holiday market closures. Fed Chair Jerome Powell’s comments stating that monetary policy is prepared to respond to a variety of data outcomes had little discernible impact.
Technical Analysis: GBP/JPY Remains Range-Bound
The daily chart reveals a sideways trend for GBP/JPY, currently capped by the Tenkan-Sen resistance at 191.57. Since falling below this level, the pair has remained under the 191.40 area, hinting at potential further downside.
A break below 191.00 could trigger a deeper decline, with initial support at the Kijun-Sen (190.74), followed by the March 25 swing low of 190.33. Falling past 190.33 would expose the next key support at the 190.00 mark.
Conversely, if GBP/JPY maintains its current position and reclaims the Tenkan-Sen, a move towards 192.00 becomes possible. Subsequent upside targets include the 193.00 mark and the current year-to-date (YTD) high of 193.53.