GBP/JPY Price Forecast: Steadies above 215.00 capped by 50-day SMA
- GBP/JPY remains trapped near 215.00 as traders avoid directional bets.
- Flat RSI signals consolidation while 50-day SMA caps upside.
- Break below 214.57 exposes 200-day SMA and 211.47.
The GBP/JPY remains directionless on Thursday as traders turn cautious about opening fresh directional bets amid intervention fears in the FX markets, which could strengthen the Yen, and after solid UK data. The cross-pair sits at around 215.00, down 0.02%.
GBP/JPY Price Forecast: Technical Outlook
GBP/JPY faced strong resistance at around the 50-day Simple Moving Average (SMA) at 215.44. leading to sideways movement. The Relative Strength Index (RSI) turned flat at around its 50-neutral level, hinting that further consolidation lies ahead.
For a bullish resumption, the first resistance levels is the 50-day SMA and then the 216.00 milestone. A decisive break opens the path to 216.50 and ultimately reaches the 217.00 psychological barrier.
On the flip side, the GBP/JPY finds support at 215.00, with the 100-day SMA at 214.57 being up next. Beneath this area, the 200-day SMA stands at 212.12, just above the August 7 low of 211.47.
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 Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.18% | -0.00% | 1.10% | -0.15% | 0.03% | 0.72% | 0.78% | |
| EUR | -0.18% | -0.20% | 0.86% | -0.41% | -0.22% | 0.46% | 0.50% | |
| GBP | 0.00% | 0.20% | 1.01% | -0.22% | -0.02% | 0.64% | 0.69% | |
| JPY | -1.10% | -0.86% | -1.01% | -0.92% | -0.72% | -0.20% | -0.09% | |
| CAD | 0.15% | 0.41% | 0.22% | 0.92% | 0.21% | 0.73% | 0.98% | |
| AUD | -0.03% | 0.22% | 0.02% | 0.72% | -0.21% | 0.66% | 0.70% | |
| NZD | -0.72% | -0.46% | -0.64% | 0.20% | -0.73% | -0.66% | 0.05% | |
| CHF | -0.78% | -0.50% | -0.69% | 0.09% | -0.98% | -0.70% | -0.05% |
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.
