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GBP/JPY Price Analysis: Pound comes under pressure below 213.00

  • GBP/JPY loses momentum after failing to extend gains past 213.30 highs.
  • The risk-off sentiment is providing some support to the safe-haven Yen on Thursday.
  • A break below the trendline support at 212.70 would confirm a bearish correction.

The Pound (GBP) is trading lower against the Japanese Yen (JPY) on Thursday, snapping a four-day positive streak. The pair has retreated to levels below 213.00 after failing to extend gains beyond the March top in the 213.30 area, with the risk-off sentiment strengthening the case for some correction.

News from the US-Iran war remains confusing as the Islamic Republic’s Foreign Minister, Abbas Araghchi, denied any direct talks with the US, while US President Donald Trump reiterates that Iranian leaders are begging to negotiate a peace deal. Meanwhile, Iran and Israel have kept exchanging attacks on Thursday. The Strait of Hormuz remains closed for the fourth consecutive week, boosting Brent Crude Oil to levels of $99 per barrel

GBP/JPY Chart Analysis

Technical Analysis

In the 4-hour chart, GBP/JPY trades at 212.83. The near-term bias remains bullish as the pair holds above the rising support trend line from 210.59, but failure to breach the resistance area around 213.30 and softening technical indicators are strengthening the case for a bearish correction.

The Relative Strength Index (RSI) has pulled back to 53, from levels around 60 on previous sessions, and the Moving Average Convergence Divergence (MACD) has slipped to marginally negative levels. Furthermore, the MACD line has crossed below the signal line, which suggests that bears are taking control.

Price action is now testing support at the bullish trendline from March 19 lows, now at 212,70. Further down, the March 24 low, at 212.26, will come to the focus ahead of the March 23 low, in the 211.60 area. Bulls, on the other hand, would have to breach the key resistance area at 213.30, aiming for the early February highs, at the 213.75 area and 214.05.

(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 Australian Dollar.

USDEURGBPJPYCADAUDNZDCHF
USD0.27%0.29%0.10%0.22%0.59%0.52%0.20%
EUR-0.27%0.02%-0.18%-0.05%0.35%0.25%-0.07%
GBP-0.29%-0.02%-0.19%-0.07%0.32%0.24%-0.09%
JPY-0.10%0.18%0.19%0.11%0.49%0.39%0.09%
CAD-0.22%0.05%0.07%-0.11%0.38%0.30%-0.02%
AUD-0.59%-0.35%-0.32%-0.49%-0.38%-0.07%-0.37%
NZD-0.52%-0.25%-0.24%-0.39%-0.30%0.07%-0.31%
CHF-0.20%0.07%0.09%-0.09%0.02%0.37%0.31%

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).

Author

Guillermo Alcala

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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