GBP/JPY Price Forecast: Steadies above 215.00 capped by 50-day SMA
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
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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