213.00 resistance tested as GBP/JPY forms bullish harami: Price forecast

A potential bullish harami in GBP/JPY points to a revival in buying interest.
212.92-213.02 SMA confluence caps the recovery despite support from a rising RSI.
213.02 breakout would put 216.62 in focus, followed by psychological resistance at 217.00.

GBP/JPY is up 0.17% on Wednesday. Trading remains choppy within Tuesday’s 211.44-212.65 daily range, suggesting a potential ‘bullish harami’ or inside day pattern is taking shape close to a key resistance zone.

GBP/JPY Price Forecast: Recovery Faces SMA Resistance

Monday’s rebound from a key support trendline near 211.33 has created scope for GBP/JPY to recover. Fresh buying remains cautious, however, with resistance concentrated at the 100- and 200-day Simple Moving Averages (SMAs), at 212.92 and 213.02, respectively. A move above the latter would bring the 2 September high of 216.62 into focus, before buyers challenge 217.00.

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Monday’s low of the day (LOD) at 211.33 provides the initial downside support for GBP/JPY. Below that sits the psychological 211.00 level, with the 50-day SMA at 210.00 the next support.

Momentum also points to further gains: the Relative Strength Index (RSI) remains bullish and is moving higher.

GBP/JPY Daily Price Chart

Japanese Yen: Today’s Price Performance

The Japanese Yen performed best against the Swiss Franc today. Its percentage moves against the major currencies listed are set out in the table below.

	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 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. For instance, choosing the Japanese Yen on the left and following its row across to the US Dollar gives the percentage change for JPY (base)/USD (quote) in the corresponding cell.