Near 213.00: GBP/JPY Price Forecast as SMA Resistance Checks Bulls

211.78 is in focus as GBP/JPY pulls back. Key SMA resistance remains overhead.
Buying momentum fades as RSI turns lower, although the indicator remains bullish.
211.19 marks the downside threshold; a break opens the way to the 50-day SMA at 210.03, then 209.13.

GBP/JPY trades at 211.78. The cross is down about 0.22% as hawkish remarks from Federal Reserve (Fed) officials lift the US Dollar. This supports safe-haven currencies such as the Japanese Yen against the Pound Sterling.

212.93-213.03 Resistance: GBP/JPY Technical Price Forecast

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Despite its continued upward drift on the technical chart, GBP/JPY remains beneath the key 100- and 200-day Simple Moving Averages (SMAs), at 212.93 and 213.03, respectively. The Relative Strength Index (RSI) is edging lower, indicating that buyers are losing momentum even as the bullish bias persists.

The 212.93-213.03 zone is the first resistance hurdle for GBP/JPY to extend its advance. Clearing the latter level would bring a resistance trendline just beyond 213.20 into view. Beyond that, attention turns to 214.00, then the 25 August high of 217.48.

Initial support on the downside lies at 211.19, last Friday’s low. A break below that level would put the 50-day SMA at 210.03 in focus, ahead of the 23 October swing low at 209.13.

GBP/JPY Daily Price Chart

Japanese Yen: Today’s Currency Performance

Against the Australian Dollar, the Japanese Yen recorded its strongest performance today. The table below sets out the Japanese Yen’s (JPY) percentage changes against the major currencies listed.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.47%	0.70%	0.51%	0.49%	0.90%	0.50%	0.68%
EUR	-0.47%		0.22%	0.04%	0.02%	0.42%	0.03%	0.21%
GBP	-0.70%	-0.22%		-0.19%	-0.18%	0.20%	-0.23%	-0.01%
JPY	-0.51%	-0.04%	0.19%		-0.01%	0.40%	-0.01%	0.18%
CAD	-0.49%	-0.02%	0.18%	0.00%		0.41%	0.00%	0.19%
AUD	-0.90%	-0.42%	-0.20%	-0.40%	-0.41%		-0.40%	-0.22%
NZD	-0.50%	-0.03%	0.23%	0.00%	-0.00%	0.40%		0.18%
CHF	-0.68%	-0.21%	0.01%	-0.18%	-0.19%	0.22%	-0.18%

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.