GBP/JPY Price Analysis: Pound accelerates losses with 210.80 lows eyed

The Pound (GBP) accelerated its downtrend against the Japanese Yen (JPY) on Monday. The risk-averse sentiment, coupled with growing concerns about an imminent BoJ intervention, as the USD/JPY crossed the key 160.00 level earlier on the day, is hammering the cross on Monday.

Japan’s top currency diplomat, Atsushi Miura, assured earlier on Monday that Japanese authorities will take “decisive” measures to counter the rising speculative activity in the market, in the boldest intervention warning so far this year. The Yen appreciated across the board after the comments.

Technical Analysis

GBP/JPY trades at 211.53 with bearish momentum building up. The break of the trendline resistance and the gap above 212.00 reveal that the bearish move is impulsive, and 4-hour technical indicators endorse that view.

The Relative Strength Index (RSI has retreated toward 35, showing fading bullish momentum but stopping short of oversold territory. The Moving Average Convergence Divergence (MACD) indicator slips further into negative territory with its deepening negative histogram, reinforcing the soft tone.

Sellers are likely to be attracted by the mid-March lows in the area of 210.80, where the pair might find some support. Further down. The 210.00 round level and the early March lows at 209.25 area emerge as potential targets.

On the other hand, gaps tend to be closed, and a retest of the broken trendline, now at 212.45, should not be discarded. A move above here would negate the bearish view and bring the 213.35 resistance area (March 11, 23, and 26 highs) back to the focus.

(The technical analysis of this story was written with the help of an AI tool.)

(This story was corrected on March 30 at 10:04 GMT to say that early March lows were at 209.25, and not at 201.25, and that the 213.35 resistance area is March 11, 23, and 26 highs, and not March 12, 23, and 26 as previously reported).