GBP/JPY Price Forecast: Bullish engulfing pattern puts 211.00 in play

GBP/JPY Price Forecast: Technical outlook

The GBP/JPY pair began the week on a lower note, but as of writing, it is forming a ‘bullish engulfing’ candle chart pattern, which, if confirmed, could open the door for further gains.

Momentum shows that buyers remain in charge with the Relative Strength Index (RSI) bottoming around its 50-neutral line, aiming higher, an indication that bulls are stepping in.

A break above 211.00 clears the path for further gains, with the next key resistance level seen at the February 25 swing high of 212.12. If surpassed, GBP/JPY's next stop would be the February 10 high at 213.82, ahead of 214.00.

On the downside, if GBP/JPY extends its losses below 210.00, bring the day’s low of 209.35 into focus. On further weakness, the next demand zone would be 209.00 ahead of the 100-day Simple Moving Average (SMA) at 207.91

GBP/JPY Price Chart – Daily

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 Swiss Franc.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		1.14%	0.61%	0.83%	0.33%	0.53%	1.04%	1.46%
EUR	-1.14%		-0.52%	-0.33%	-0.80%	-0.60%	-0.10%	0.32%
GBP	-0.61%	0.52%		0.19%	-0.28%	-0.09%	0.42%	0.85%
JPY	-0.83%	0.33%	-0.19%		-0.48%	-0.28%	0.23%	0.65%
CAD	-0.33%	0.80%	0.28%	0.48%		0.20%	0.70%	1.13%
AUD	-0.53%	0.60%	0.09%	0.28%	-0.20%		0.51%	0.93%
NZD	-1.04%	0.10%	-0.42%	-0.23%	-0.70%	-0.51%		0.42%
CHF	-1.46%	-0.32%	-0.85%	-0.65%	-1.13%	-0.93%	-0.42%

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).