- GBP/JPY retreats from long-term highs near 211.60 amid a broad-based Yen recovery.
- Concerns about a BoJ intervention are keeping yen bears in check.
- The broader GBP/JPY trend remained positive, with pullbacks finding buyers so far.
The Yen is trimming recent losses against its main peers on Monday, which has triggered a nearly 100-pip reversal on the GBP/JPY. The pair is trading near 210.50 at the time of writing after pulling back from session highs at 211.43.
The Japanese Yen depreciated further last week as investors pondered the timing of the Bank of Japan’s (BoJ) interest rate hike, amid growing concerns about the impact of Prime Minister Takaichi’s expansive policies on the country's already strained accounts.
Takaichi’s Finance Minister Satsuki Takayama launched the strongest warning to date last week. Takayama observed that Yen moves are not reflecting fundamentals and reiterated that Tokyo will take appropriate measures against Yen speculation. The thin trading volumes this week provide a good opportunity to step in for the Japanese authorities.
Technical analysis: Bears aim for 210.05 and 208.90 support areas
The 4-hour chart shows the GBP/JPY trading at 210.49, following another rejection at the long-term highs in the 211.50 - 211.60 area. The broader trend remains positive, with price action well above the trend line from 198.94 lows, which is offering support near 209.27. Immediate support stands at 210.05 (December 24 low), and at the mid-December highs, around 208.90.
The Moving Average Convergence Divergence (MACD) line sits below the Signal line and under the zero mark, with the histogram widening on the negative side, suggesting bearish momentum is building. The Relative Strength Index (14) has eased to 48.03, neutral after shedding overbought readings.
To the upside, above the mentioned long-term high, at 211.59 (December 22 high), the 127.2% Fibonacci extension of the December 15 to December 22 rally, at 212.75, and the 161.8% extension of the same cycle, at 214.38, are plausible targets.
(The technical analysis of this story was written with the help of an AI tool.)
Japanese Yen Price Today
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.03% | 0.10% | -0.16% | 0.10% | 0.09% | 0.30% | 0.00% | |
| EUR | 0.03% | 0.13% | -0.13% | 0.14% | 0.11% | 0.33% | 0.03% | |
| GBP | -0.10% | -0.13% | -0.25% | -0.01% | -0.02% | 0.20% | -0.10% | |
| JPY | 0.16% | 0.13% | 0.25% | 0.24% | 0.25% | 0.45% | 0.11% | |
| CAD | -0.10% | -0.14% | 0.00% | -0.24% | -0.01% | 0.21% | -0.09% | |
| AUD | -0.09% | -0.11% | 0.02% | -0.25% | 0.00% | 0.22% | -0.07% | |
| NZD | -0.30% | -0.33% | -0.20% | -0.45% | -0.21% | -0.22% | -0.30% | |
| CHF | -0.01% | -0.03% | 0.10% | -0.11% | 0.09% | 0.07% | 0.30% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).
