GBP/JPY Price Analysis: Tests crucial resistance zone at nine-day EMA near 189.00

• GBP/JPY may find immediate support at the lower boundary of the symmetrical triangle, located around the 187.50 level.
• The daily chart indicates the currency cross is consolidating within a symmetrical triangle pattern, reflecting a period of indecision.
• A confirmed breakout above the nine-day EMA at 188.96 could strengthen short-term bullish momentum.

GBP/JPY recovers its recent losses from the previous session, trading around 188.90 during the early European hours on Thursday. A look at the daily chart suggested the currency cross is moving within a symmetrical triangle pattern, suggesting a phase of consolidation that could lead to a breakout in either direction.

The 14-day Relative Strength Index (RSI), a key momentum gauge, remains below the 50 mark, signaling continued bearish pressure. Additionally, the GBP/JPY cross is attempting to break above the nine-day Exponential Moving Average (EMA). A confirmed breakout above this level could enhance short-term bullish momentum.

The GBP/JPY cross could test immediate support at the lower trendline of the symmetrical triangle near the 187.50 level. A break below this level would signal a bearish breakout, potentially opening the door for a move toward the seven-month low of 184.38, last seen on April 9.

On the upside, a break above the nine-day EMA at 188.96--closely aligned with the psychological 189.00 level--could provide bullish momentum for the GBP/JPY cross, paving the way for a test of the upper trendline of the symmetrical triangle near the 189.70 mark.

A breakout above the symmetrical triangle could signal the emergence of a bullish bias, potentially driving the GBP/JPY cross toward the 50-day EMA at the 191.11 level. A sustained move above this level may further open the path for the currency cross to challenge the three-month high around 196.10.

GBP/JPY: Daily Chart