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GBP/JPY Price Forecast: Clears 50-day SMA, yet flatlines below 214.00

  • GBP/JPY holds above 50-day SMA as 213.50 caps upside.
  • RSI flat near 50 shows buyers and sellers remain balanced.
  • Break above 214.00 exposes 214.43 and 215.00 resistance levels.

The GBP/JPY hovers around 213.50 on Wednesday, finishing the session barely unchanged, up a mediocre 0.04% as the Yen weakened against most G10 FX currencies. Sellers' failure to drive the cross-pair below the 50-day Simple Moving Average (SMA) at 213.16 opened the door for a recovery, with buyers eyeing the 214.00 mark.

GBP/JPY Price Forecast: Technical outlook

Following the April 30 intervention, the GBP/JPY bottomed around 210.00-212.00, with buyers pushing the spot price past the 50-day SMA but capped on the upside by the psychological 213.50 level.

The Relative Strength Index (RSI) shows that neither buyers nor sellers are in control, with the indicator flat around the 50 neutral level.

Above, the first resistance for GBP/JPY is at 214.00. A breach of the latter exposes the May 11 daily high of 214.43, followed by the 215.00 psychological level. Once cleared, overhead lies the year-to-date (YTD) high at 216.60.

For a bearish resumption, GBP/JPY must drop below the 50-day SMA and also clear the 213.00 mark. Below, the next area of interest is the 100-day SMA at 212.19, before the pair extended its losses towards the May 6 swing low at 210.76.

GBP/JPY Price Chart – Daily

GBP/JPY daily chart

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 British Pound.

USDEURGBPJPYCADAUDNZDCHF
USD0.26%0.20%0.74%0.18%-0.51%0.03%0.47%
EUR-0.26%-0.07%0.55%-0.10%-0.79%-0.25%0.20%
GBP-0.20%0.07%0.11%-0.05%-0.74%-0.19%0.26%
JPY-0.74%-0.55%-0.11%-0.63%-1.27%-0.72%-0.25%
CAD-0.18%0.10%0.05%0.63%-0.58%-0.08%0.29%
AUD0.51%0.79%0.74%1.27%0.58%0.55%0.98%
NZD-0.03%0.25%0.19%0.72%0.08%-0.55%0.43%
CHF-0.47%-0.20%-0.26%0.25%-0.29%-0.98%-0.43%

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

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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