Will GBPJPY rebound again?
GBPJPY extended its pullback from an eight-and-a-half-year high of 191.30 for the third consecutive day on Thursday to find support around the 20-day exponential moving average (EMA) at 189.50. The line had protected the market at the end of January, though with the pair having crossed below a short-term ascending trendline, the odds for a continuation lower might be larger despite the current bullish action in the price.
The negative reversal in the momentum indicators is a sign that buying interest is fizzling out. A bounce back above the 190.20-191.14 is now required to improve sentiment and trigger an advance towards the 193.32-194.00 zone, where the broken support trendline from March 2023 and the resistance line from May 2021 are positioned. Breaking above that wall, the uptrend could stretch towards the 2015 ceiling of 195.30-195.87.
Otherwise, a step below the 20-day EMA at 189.50 could squeeze the price towards the 50-day EMA at 187.50. Additional losses from there could initially retest the 186.00 base and then the 184.00-184.50 region.
All in all, GBPJPY could experience more downside movements, unless the current recovery mode in the market drives the price successfully back above the 191.14 level.
Bond Yields and Economic Data Drive Diverging Market Trends | 24th July, 2026
GBP/JPY(4H) points to renewed upside
GBP/JPY Extends Higher as Yen Weakness Offsets UK Growth Risk
GBP/JPY (4H): Bulls may be ready for another push higher
JPY pairs remain in focus as traders watch key levels
Markets Cautious Ahead of FOMC as Dollar Firms and Yen Pairs Weaken | 28th April 2026
FX in Focus Ahead of US NFP: GBP/JPY, NZD/USD Under Pressure, EUR/USD Holds Ground | 3rd April, 2026
