As the financial markets took a pause for the Easter holiday, the GBP/JPY pair maintained stability around the 191.00 level on Friday, showing minimal movement. Meanwhile, Federal Reserve Chair Jerome Powell made statements emphasizing the adaptability of monetary policy to various economic scenarios.
Technically, the price experienced a reversal near 193.500, as anticipated in our previous analysis, leading to a decline of nearly 200 points. Currently, the pair is consolidating within a range, forming a triangle pattern that appeals to enthusiasts of technical analysis.
Our analysis indicates a bearish continuation for the GBP/JPY pair, considering its correlation with the GBP/USD, which is currently in a bearish trend on the H4 and lower timeframes.
For further details, you can refer to our previous analysis of GBP/JPY by following the provided link.
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