GBP/JPY Price Analysis: Tests ascending channel’s lower boundary near 192.00

• GBP/JPY tests immediate support at the lower boundary of the ascending channel around the 192.30 level.
• The 14-day RSI remains just below the 50 mark, suggesting that bearish momentum is still in play.
• The currency cross faces primary resistance at the 9-day EMA at 192.36, followed by the 14-day EMA at 192.79.

The GBP/JPY cross remains subdued for the second successive session, trading around 192.30 during the Asian hours on Friday. An analysis of the daily chart suggests the formation of an ascending channel pattern, indicating a potential bullish bias.

The 14-day Relative Strength Index (RSI), a key momentum indicator, remains just below the 50 level, signaling that bearish momentum is still in play. A move above the 50 mark would confirm the shift toward a bullish bias. Additionally, the GBP/JPY cross trades below the 9- and 14-day Exponential Moving Averages (EMAs), suggesting weaker short-term price momentum.

On the downside, the GBP/JPY cross tests immediate support at the lower boundary of the ascending channel around the 192.30 level. A break below this support could strengthen the bearish bias, putting downward pressure on the currency cross and potentially driving it toward the seven-week low at 189.34, recorded on January 17.

The GBP/JPY cross faces primary resistance at the 9-day EMA at 192.36, followed by the 14-day EMA at 192.79. A move above the latter could boost short-term price momentum, supporting the currency cross to test the upper boundary of the ascending channel at the 194.00 level.

GBP/JPY: Daily Chart