GBP/JPY Price Forecast: Bullish harami challenges resistance at 213.00

A possible bullish harami in GBP/JPY points to renewed buying interest.
The RSI’s advance backs a recovery, although the SMA confluence at 212.92-213.02 caps the upside.
A move through 213.02 would bring 216.62 into view, followed by psychological resistance at 217.00.

A 0.17% gain on Wednesday has left GBP/JPY trading unevenly within Tuesday’s daily range of 211.44-212.65. This price action suggests that a potential ‘bullish harami’, or inside day pattern, is taking shape close to an important resistance zone.

GBP/JPY Price Forecast: Recovery Faces Key Technical Resistance

TMGM Analysis: Financial Market News, Economic Calendar & Market Insights

Monday’s test of a key support trendline around 211.33 prompted a rebound in GBP/JPY, paving the way for a recovery. Fresh buying remains tentative, however, with resistance forming where the 100- and 200-day Simple Moving Averages (SMAs) converge at 212.92 and 213.02, respectively. A break above the latter would put the 2 September high of 216.62 in focus, before buyers attempt to test 217.00.

Should GBP/JPY retreat, initial support lies at Monday’s low of the day (LOD), 211.33. Below that, the psychological 211.00 level precedes the 50-day SMA at 210.00.

Momentum points to additional gains, with the Relative Strength Index (RSI) in bullish territory and heading higher.

GBP/JPY Daily Price Chart Tracks the Recovery

Japanese Yen Records Its Strongest Performance Against the Swiss Franc Today

Today’s percentage moves in the Japanese Yen (JPY) against the major currencies listed are set out below. The Swiss Franc was the currency against which the Japanese Yen performed best.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.63%	0.50%	0.67%	0.41%	0.22%	0.67%	0.92%
EUR	-0.63%		-0.12%	0.05%	-0.22%	-0.40%	0.05%	0.29%
GBP	-0.50%	0.12%		0.17%	-0.09%	-0.28%	0.17%	0.42%
JPY	-0.67%	-0.05%	-0.17%		-0.26%	-0.44%	0.02%	0.25%
CAD	-0.41%	0.22%	0.09%	0.26%		-0.18%	0.27%	0.51%
AUD	-0.22%	0.40%	0.28%	0.44%	0.18%		0.45%	0.70%
NZD	-0.67%	-0.05%	-0.17%	-0.02%	-0.27%	-0.45%		0.22%
CHF	-0.92%	-0.29%	-0.42%	-0.25%	-0.51%	-0.70%	-0.22%

Percentage movements between the major currencies are displayed in the heat map. Select the base currency in the left-hand column and the quote currency in the top row. Selecting the Japanese Yen on the left and following its row across to the US Dollar, for instance, gives the percentage change for JPY (base)/USD (quote) in the corresponding cell.