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GBP/JPY Price Analysis: Pound hits resistance in the 212.80 area

  • GBP/JPY extended gains on risk appetite before being capped at 212.80.
  • News of a ceasefire in Iran boosted support for the Pound on Wednesday.
  • Failure to break 212.80 might trigger a corrective reversal.

The Pound (GBP) maintains its near-term nullish bias against the Japanese Yen (JPY) intact, although bulls have been halted at the 212.80 area earlier on the day. Downside attempts, however, remain contained above 212.15 so far.

The risk-on sentiment triggered by the ceasefire in Iran provided additional support to the GBP during Wednesday’s Asian session, but the rejection at the mentioned 212.80 suggests the possibility of a bearish correction after a 0.8% rally over the last three days.

Chart Analysis GBP/JPY


GBP/JPY has reached the target of a Gartley pattern and the 78.6% Fibonacci retracement of the late-march sell-off. The near-term bias remains mildly bullish, but failure to extend gains beyond 212.80 might lure bears into a deeper correction.

Technical indicators in 4-hour charts remain positive, with the Relative Strength Index (RSI) above the 50 midline, and the Moving Average Convergence Divergence (MACD) above the signal line. Hourly charts, however, show a potential double top and bearish divergence on the RSI, which should act as a warning for buyers.

On the upside, above 212.80, the target is the key 213.35 resistance area (March 11, 23, and 26 highs). Initial support is at the intraday low of 212.15, ahead of the previous resistance area at 211.50 (April 1 high) and the April 2 low at 210.35.

(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 US Dollar.

USDEURGBPJPYCADAUDNZDCHF
USD-0.87%-1.03%-0.92%-0.29%-1.33%-1.71%-1.27%
EUR0.87%-0.17%-0.06%0.58%-0.46%-0.88%-0.41%
GBP1.03%0.17%0.08%0.75%-0.28%-0.69%-0.25%
JPY0.92%0.06%-0.08%0.64%-0.38%-0.79%-0.34%
CAD0.29%-0.58%-0.75%-0.64%-1.01%-1.40%-0.98%
AUD1.33%0.46%0.28%0.38%1.01%-0.41%0.03%
NZD1.71%0.88%0.69%0.79%1.40%0.41%0.44%
CHF1.27%0.41%0.25%0.34%0.98%-0.03%-0.44%

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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