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GBP/JPY Price Forecast: Pound holds gains with 213.30 high in sight 

  • GBP/JPY maintains its near-term bullish bias with downside attempts capped at 212.30.
  • Bulls remain focused on the March highs in the 213.30 area.
  • Concerns about the impact of Oil prices on the Japanese economy are weighing on Yen rallies.

The Pound (GBP) is trading higher against a weak Japanese Yen (JPY), extending its rally for the fourth consecutive day, with pullbacks finding support in the lower 212.00s and March highs in the 213.30 area still on the bulls’ radar.

The GBP has shown greater resilience than the Yen to the war in Iran. Investors’ concerns about the economic consequences of the Oil shock in major crude importers, such as Japan, have been a significant headwind to any JPY rally since the war began.

The strong Japanese Labour Cash Earnings data witnessed earlier this week boosted speculation of a near-term interest rate hike by the Bank of Japan (BoJ). This posibility was endorsed by former board member Seiji Adachi on Tuesday, and the Yen bounced up from lows on Wednesday, but the rally was short-lived.

Chart Analysis GBP/JPY

Technical Analysis

GBP/JPY maintains its near-term bullish bias intact. The Relative Strength Index (RSI) stays in positive territory after pulling back from overbought levels, and the Moving Average Convergence Divergence (MACD) histogram remains slightly positive, suggesting that upside momentum is present but not yet exhausted.

Bulls were halted on Wednesday at 213.15, a few pips below the March top of 213.31. Further up, the next target would be the February 9 high, in the 214.00 area.

Support is at Wednesday's low, near 212.20, ahead of the April 1 high, at 211.44, and the April 2 and 5 lows around 210.50.

(The technical analysis of this story was written with the help of an AI tool.)

(This story was corrected on April 9 at 09:00 GMT to say that the 214.00 area is the February 9 high, and not an early-February high, as previously reported.)

Pound Sterling Price Today

The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the Japanese Yen.

USDEURGBPJPYCADAUDNZDCHF
USD0.04%0.03%0.24%0.09%0.20%-0.18%-0.05%
EUR-0.04%0.02%0.20%0.08%0.16%-0.19%-0.07%
GBP-0.03%-0.02%0.19%0.06%0.15%-0.21%-0.08%
JPY-0.24%-0.20%-0.19%-0.15%-0.04%-0.43%-0.28%
CAD-0.09%-0.08%-0.06%0.15%0.12%-0.27%-0.14%
AUD-0.20%-0.16%-0.15%0.04%-0.12%-0.35%-0.23%
NZD0.18%0.19%0.21%0.43%0.27%0.35%0.12%
CHF0.05%0.07%0.08%0.28%0.14%0.23%-0.12%

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 British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (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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