GBP/JPY Price Forecast: Bulls stall near 216.00 as RSI flattens

GBP/JPY holds near 216.00 as buyers lose momentum.
Flat bullish RSI signals consolidation before next directional move.
Break below 215.56 exposes 214.71 and 212.35 supports.

Christian Borjon Valencia FXStreet

The GBP/JPY consolidates at familiar levels on Tuesday, virtually unchanged near 216.00, with the cross-pair seesawing within the 215.85-216.22 range, as neither buyers nor sellers are able to clear key resistance/support levels during the day.

GBP/JPY Price Forecast: Technical Outlook

The GBP/JPY is neutral to upward biased, though the last intervention between US and Japanese authorities prevented investors from opening fresh long or short bets. Bullish momentum has faded even though the Relative Strength Index (RSI) remains bullish. Nevertheless, as it turned flat, a potential consolidation lies ahead.

Upwards, the first key resistance is 217.00, followed by a downward resistance trendline near 217.50/65. Above this area, up next is the July 9 high of the day (HOD) at 218.01.

On the flip side, a drop below the 50-day SMA at 215.56 opens the door to further downside. Below lies the 100-day SMA of 214.71, ahead of the 200-day SMA at 212.35.

GBP/JPY Price Chart – Daily

Japanese Yen Price This week

The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies this week. Japanese Yen was the strongest against the New Zealand Dollar.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.09%	-0.07%	0.18%	0.16%	0.05%	0.26%	0.03%
EUR	0.09%		0.17%	0.28%	0.25%	0.10%	0.35%	0.13%
GBP	0.07%	-0.17%		0.17%	0.10%	-0.07%	0.18%	-0.09%
JPY	-0.18%	-0.28%	-0.17%		-0.01%	-0.19%	0.06%	-0.17%
CAD	-0.16%	-0.25%	-0.10%	0.01%		-0.16%	0.08%	-0.17%
AUD	-0.05%	-0.10%	0.07%	0.19%	0.16%		0.25%	-0.01%
NZD	-0.26%	-0.35%	-0.18%	-0.06%	-0.08%	-0.25%		-0.27%
CHF	-0.03%	-0.13%	0.09%	0.17%	0.17%	0.01%	0.27%

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

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.

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