GBP/JPY Price Analysis: Pound remains weak below 211.00
- GBP/JPY attempted a recovery on Tuesday but is lacking acceptance above 211.00.
- Investors' concerns about a Yen intervention are keeping the pair on the defensive.
- The Pound has broken the positive trend from mid-February lows.
The Pound Sterling (GBP) is posting a fragile recovery attempt against the Japanese Yen (JPY) on Tuesday, following Monday’s sharp reversal. The pair found support at 210.00 on Monday, but recovery attempts remain limited below a previous support level around 211.00. UK GDP data has been Pound supportive, but concerns about intervention are keeping investors wary of placing large JPY shorts.
Japanese authorities affirmed on Tuesday that recent Yen falls are “very speculative” and the Finance Minister, Satsuki Katayama, reiterated that Tokyo is ready to step into the market to stem excessive JPY moves. These comments endorse the intervention warnings by the top currency diplomat, Atsushi Mimura, which provided some support to the Yen on Monday.
Technical Analysis
GBP/JPY trades at 210.79, with the near-term bias still bearish following a nerly 1% sell-off on Monday. The 4-hour Relative Strength Index (RSI) holds in mid-range after recovering from oversold readings near 25, suggesting fading downside momentum rather than a clear reversal. The Moving Average Convergence Divergence (MACD) remains below zero, underscoring the bearish momentum.
Tuesday's recovery looks like a corrective reaction from oversold levels. Upside attempts remain limited with bulls struggling to find acceptance above the 211.00 area. Further up, the reverse trendline, now at 212.50 and March 11 and 26 highs in the area of 213.25, are the most plausible targets.
On the downside, immediate support is seen at Monday's low of 210.21, ahead of early March lows around 209.20. The area between the 61.8% Fibonacci retracement at 208.50 and February 19 and 23 lows, around 208.10, looks like a potential target for a bearish correction.
(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 Canadian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.12% | -0.25% | -0.13% | 0.09% | -0.38% | -0.02% | 0.03% | |
| EUR | 0.12% | -0.11% | 0.04% | 0.26% | -0.22% | 0.13% | 0.18% | |
| GBP | 0.25% | 0.11% | 0.15% | 0.38% | -0.10% | 0.24% | 0.31% | |
| JPY | 0.13% | -0.04% | -0.15% | 0.23% | -0.25% | 0.10% | 0.18% | |
| CAD | -0.09% | -0.26% | -0.38% | -0.23% | -0.48% | -0.13% | -0.06% | |
| AUD | 0.38% | 0.22% | 0.10% | 0.25% | 0.48% | 0.36% | 0.42% | |
| NZD | 0.02% | -0.13% | -0.24% | -0.10% | 0.13% | -0.36% | 0.06% | |
| CHF | -0.03% | -0.18% | -0.31% | -0.18% | 0.06% | -0.42% | -0.06% |
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
FXStreet
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.
