GBP/JPY Analysis: Trading Calmly Around 191.00 Amid Holiday Lull

The GBP/JPY pair maintains stability around the 191.00 level, with trading activity subdued due to the Easter holiday period.

Technical indicators suggest the potential for movement in the pair, with critical levels identified at 191.57 and 190.74 as immediate targets for traders.

The future direction of GBP/JPY hinges on its ability to break through either the resistance at 192.00 or the support at 190.00.

Amid the Easter holiday observance, GBP/JPY remained unchanged near the 191.00 mark—meanwhile, comments from Fed Chair Jerome Powell regarding monetary policy added to the market sentiment.

Technical Outlook:

Analysis of the daily chart indicates that GBP/JPY is trading sideways, with resistance around the Tenkan-Sen level at 191.57. The pair have stayed below this level, maintaining support around 191.40, suggesting a potential for further downside movement.

A break below 191.00 could trigger a deeper pullback, with the following support levels identified at the Kijun Sen at 190.74 and the March 25th low of 190.33. The further downside could expose the 190.00 support level.

Conversely, if GBP/JPY manages to rally above the Tenkan-Sen resistance, it could challenge the 192.00 level. Continued upward momentum could lead to further gains, targeting the 193.00 mark and potentially surpassing the year-to-date high 193.53.

GBP/JPY Price Action – Daily Chart

GBP/JPY