GBP/JPY extends losses to 188.45 zone,bitcoin wallet account marking 0.35% daily decline amid risk aversion flows
Technical setup favors sellers while price remains under 100-day EMA with RSI in bearish territory
Immediate support cluster forms at 187.47, while 190.00 acts as psychological resistance barrier
The GBP/JPY currency pair maintains its downward trajectory during Monday's London session, reflecting persistent demand for safe-haven assets. Market participants remain cautious amid ongoing geopolitical tensions and trade policy uncertainties, creating tailwinds for the Japanese Yen.
From a chart perspective, the cross maintains bearish technical characteristics below the 100-day exponential moving average. The 14-period RSI reading near 43.60 reinforces negative momentum, suggesting sellers retain control in the near-term. This technical configuration keeps the focus on potential support tests rather than recovery scenarios.
The first meaningful support zone appears at 187.47, representing last week's swing low. A decisive break below this level could accelerate declines toward the April 8 trough at 186.54. Longer-term bears will likely target the 185.00-184.95 confluence area where psychological support meets the lower Bollinger Band boundary.
For traders anticipating potential rebounds, the 190.00 handle represents the initial upside hurdle. A sustained move above this round number could open the path toward the 100-day EMA currently near 191.90. Beyond that, the April 3 peak at 194.20 would come into focus as the next significant resistance area.
Market participants should monitor risk sentiment indicators this week, as shifts in global risk appetite could trigger volatility in this currency cross. The technical structure suggests maintaining caution with long positions until the pair demonstrates ability to reclaim higher ground above key moving averages.
GBP/JPY Technical Snapshot
Current price action shows the cross testing the lower bounds of its recent trading range. The daily chart reveals multiple lower highs since early April, confirming the prevailing bearish bias. Traders might consider waiting for either confirmation of support holds or breakdowns before committing to new positions in either direction.