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- GBP/JPY softens to around 188.45 in Monday’s early European session, losing 0.35% on the day.
- The cross keeps the negative outlook below the 100-day EMA with a bearish RSI indicator.
- The initial support emerges at 187.47; the first upside barrier is located at 190.00.
The GBP/JPY cross weakens to near 188.45 during the early European session on Monday. The ongoing uncertainty over US President Donald Trump’s trade tariffs continues to weigh on investors’ sentiment, which boosts safe-haven currencies like the Japanese Yen (JPY).
According to the daily chart, the bearish outlook of GBP/JPY remains in play as the cross remains capped below the key 100-day Exponential Moving Average (EMA). The path of least resistance is to the downside, with the 14-day Relative Strength Index standing below the midline near 43.60.
The first downside target for the cross emerges at 187.47, the low of April 17. Extended losses could see a drop to 186.54, the low of April 8. The crucial support level for GBP/JPY is seen in the 185.00-184.95 zone, representing the psychological level and the lower limit of the Bollinger Band.
In the bullish case, the immediate resistance level is located at the 190.00 round mark. Sustained trading above this level could attract some buyers to 191.90, the 100-day EMA. Further north, the next hurdle to watch is 194.20, the high of April 3.
GBP/JPY daily chart
