GBP/JPY hovers around src9src.00, with trading subdued due to the Easter holiday.
Technical indicators show potential for movement, with key levels at src9src.57 and src90.74, marking immediate targets.
Future direction hinges on breaking src92.00 resistance or src90.00 support.
On Friday, the GBP/JPY remained steady at around src9src.00, almost flat, as the financial markets remained closed in observance of the Easter holiday. In the meantime, Fed Chair Jerome Powell crossed the newswires, saying that monetary policy is well placed to react to a range of different data paths.
GBP/JPY Price Analysis: Technical outlook
The daily chart suggests the GBP/JPY is trading sideways, capped on the upside by the Tenkan-Sen at src9src.57. Since the pair fell below the latter, the exchange rate has remained beneath the src9src.40 area, which has opened the door for further downside.
A push below src9src.00 could pave the way for a deeper pullback. The next support would be the Kijun Sen at src90.74, followed by the March 25 wing low of src90.33. A breach of the latter would expose the next support level at src90.00.
On the other hand, if GBP/JPY stays afloat and rallies above the Tenkan-Sen, that would open the door to challenge src92.00. Further gains are seen above that level, with the src93.00 mark, followed by the current year-to-date (YTD) high of src93.53.
GBP/JPY Price Action – Daily Chart
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