GBP/JPY Price Analysis: Double top in the making, targets 153.80

Wednesday’s choppy session witnessed GBP/JPY moving towards February 22 daily low at 155.50.
The British pound weakened in the session, benefitting safe-haven peers.
GBP/JPY is downward biased as a double-top chart pattern looms, with a target of 153.80.

Christian Borjon Valencia FXStreet

The GBP/JPY is subdued on Wednesday’s choppy trading session, as market sentiment fluctuated between risk-on/off. The GBP/JPY is trading at 155.73.

The market sentiment is downbeat as US equity indices fell 1.38% and 2.60%. In the FX space, the mood is mixed, as safe-haven peers like the US dollar, the Japanese yen, and the Swiss franc edged up vs. the British pound.

GBP/JPY Price Forecast: Technical outlook

GBP/JPY daily chart depicts a double-top, following the rally from January 24 low at 152.90, to February 10 high at 158.06. That said, in the last five days, the risk-off market mood boosted the prospects of the JPY, leading to a leg-down followed by a sudden spike to the 157.00 area retreating afterward to current levels.

Therefore, the GBP/JPY is downward biased, despite the daily moving averages (DMAs) residing below the spot price. Further, the double top’s target would be 153.50, 50-pips above the 200-DMA. That said, the GBP/JPY first support would be the “neckline” around 155.50. Breach of the latter would expose the 50-DMA at 155.27, followed by the 100-DMA at 154.37, and then the 153.80 double-top target.

GBP/JPY

Overview
Today last price	155.81
Today Daily Change	-0.44
Today Daily Change %	-0.28
Today daily open	156.25

Trends
Daily SMA20	155.88
Daily SMA50	155.16
Daily SMA100	154.35
Daily SMA200	153.44

Levels
Previous Daily High	156.51
Previous Daily Low	155.52
Previous Weekly High	157.29
Previous Weekly Low	155.31
Previous Monthly High	157.77
Previous Monthly Low	152.91
Daily Fibonacci 38.2%	156.13
Daily Fibonacci 61.8%	155.9
Daily Pivot Point S1	155.67
Daily Pivot Point S2	155.1
Daily Pivot Point S3	154.68
Daily Pivot Point R1	156.67
Daily Pivot Point R2	157.09
Daily Pivot Point R3	157.66

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

AUD/USD stays weak above 0.6900 after China’s trade data

AUD/USD struggles to capitalize on the previous day’s recovery and stays defensive on the 0.6900 level following the narrowing of trade surplus in China. Increased December Fed rate hike bets allows the US Dollar to pause its decline and weigh on the pair. US CPI data is next of note for the major.

USD/JPY retakes 158.00 on weak Japanese data; focus shifts to US CPI

USD/JPY attracts some dip-buyers and retakes 158.00 in the Asian session on Tuesday as a fall in Japan’s Household Spending offsets hawkish BoJ Summary of Opinions, undermining the Japanese Yen. Moreover, Fed hike bets support the safe-haven US Dollar and the currency pair. The market focus now shifts to the release of the crucial US CPI report.

Gold slides below $4,100 as Fed hike bets exert pressure ahead of US CPI

Gold extends its intraday descent and slides below the $4,100 mark, reversing a major part of the previous day's strong gains to the $4,150 resistance. Firming US Federal Reserve rate-hike expectations turn out to be a key factor driving flows away from the non-yielding bullion. Meanwhile, the US Dollar struggles to lure buyers amid mixed signals regarding the state of diplomatic talks between the US and Iran. This could offer some support to the commodity as traders seem hesitant ahead of US consumer inflation figures.

Pi Network rebounds from record lows, exits oversold territory as momentum improves

Pi Network (PI) shows a strong recovery on Tuesday, up over 7% after recording its all-time low of $0.0624 the previous day. PI token’s appeal in the derivatives market shows minor improvement, with Open Interest rising to $6.21 million.

US CPI data set to ease in October as markets reassess Fed rate hike expectations

The US Bureau of Labor Statistics will publish the October Consumer Price Index data on Tuesday, a release that could influence the US Dollar valuation as investors reassess the Federal Reserve’s interest-rate outlook. The report won’t include 12-month percentage changes for most CPI series in this release, due to missing October 2025 monthly data because of the lack of collection during the government shutdown from October 1, 2025, to November 12, 2025.

Gold reclaimed $4,100. Tuesday’s CPI test decides if it holds

Gold (XAU/USD) starts the week on a positive note, reclaiming the $4,100 psychological level as the US Dollar (USD) retreats from its recent highs. The precious metal recovers from Friday's losses, although investors remain cautious ahead of Tuesday's US Consumer Price Index (CPI) report, which could determine the next direction for Bullion.