GBP/JPY Price Forecast: Doji tests bulls’ resolve below 212.00

GBP/JPY consolidates near 211.77 as doji signals growing buyer indecision.
Bullish RSI supports recovery, but 212.00 resistance limits further gains.
Break above 212.00 exposes 200-day SMA at 212.98 and 213.43.

Christian Borjon Valencia FXStreet

GBP/JPY goes nowhere on Wednesday, trading around 211.77 as neither buyers nor sellers can provide direction, following the break of the 50-day Simple Moving Average (SMA) at 211.34 towards the close of the October 20 session.

GBP/JPY Price Forecast: Technical outlook

The GBP/JPY has extended its gains for six days, yet the formation of a ‘doji’ suggests that the uptrend remains fragile as key resistance levels emerge above the 212.00 figure.

The Relative Strength Index (RSI) indicates bullish momentum, while price action shows buyers' hesitation to lift the price above the 212.00 milestone.

In that case, the next key resistance would be the 200-day SMA at 212.98, followed by the 100-day SMA at 213.43. On further strength, the next stop is 214.00.

In a bearish scenario, GBP/JPY needs to drop below the 50-day SMA, which could expose the 211.00 mark. A breach of the latter will expose 210.00, followed by the October 8 swing low of 208.20, followed by the September 30 cycle low of 206.89.

GBP/JPY Price Chart – Daily

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 Euro.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.00%	-0.07%	-0.06%	-0.08%	-0.39%	-0.10%	-0.04%
EUR	0.00%		-0.14%	-0.07%	-0.12%	-0.32%	-0.14%	-0.08%
GBP	0.07%	0.14%		0.06%	0.00%	-0.19%	-0.01%	0.06%
JPY	0.06%	0.07%	-0.06%		-0.04%	-0.24%	-0.07%	0.00%
CAD	0.08%	0.12%	-0.01%	0.04%		-0.21%	-0.02%	0.04%
AUD	0.39%	0.32%	0.19%	0.24%	0.21%		0.19%	0.25%
NZD	0.10%	0.14%	0.00%	0.07%	0.02%	-0.19%		0.06%
CHF	0.04%	0.08%	-0.06%	-0.00%	-0.04%	-0.25%	-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

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.

AUD/USD defies Iran war jitters as RBA hike bets double

The Australian Dollar rallies for the fourth straight day against the US Dollar as market mood remains positive amid high tensions in the Middle East, pointing to a resumption of hostilities, as reported by recent news. Despite this, the AUD/USD trades at 0.7027, up 0.44%.

USD/JPY remains confined in a familiar range below 158.50

USD/JPY sees some dip-buying in the Asian session on Wednesday, though it remains confined within a multi-week range near 158.50 as the uncertainty over the timing of the next BoJ rate hike keeps Japanese Yen bulls on the defensive. Meanwhile, hawkish Fed expectations, bolstered by inflation risks stemming from volatile oil prices, underpin the US Dollar. However, looming intervention fears could limit JPY losses and cap the currency pair.

Gold advances modestly; targets $4,150

Gold prices manage to reverse three consecutive daily declines, trading just below the $4,150 mark per troy ounce on Wednesday. The precious metal’s recovery comes amid a slight drop in the US Dollar, mixed US Treasury yields across the board and a widespread cautious tone from the US-Iran front.

XRP and XLM regain momentum as derivatives activity picks up

Ripple and Stellar are regaining momentum on Wednesday, mirroring gains across major digital assets. XRP has climbed above $1.36, while XLM has reached $0.1854, reinforcing support levels recently tested. This gradual price increase comes amid sticky inflation in the United States and ahead of the Federal Reserve’s monetary decision next week.

What the midterm elections mean for Treasury yields, the Dollar and Gold

Democrats are priced to take the House, so November 3 comes down to the Senate and how much Washington can borrow without the other party. Treasury yields will show the answer first, then the Dollar and Gold. On November 3, Americans vote for all 435 House seats and 35 Senate seats. For bond prices, the result comes down to one thing: how much the government will borrow over the next two years.

The US Dollar fell. Gold didn't rally. That tells you everything

Gold (XAU/USD) is struggling to capitalize on a weaker US Dollar (USD), after repeatedly failing to establish itself above the $4,200 level. The precious metal remains confined to a relatively narrow trading range despite a combination of developments that would normally support higher prices.