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.
By 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.
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.
More from Christian Borjon Valencia
Share:
