GBP/JPY Price Forecast: Bullish harami tests 213.00 resistance
- GBP/JPY forms a potential bullish harami pattern, signaling renewed upside interest.
- Rising RSI supports recovery, but 212.92-213.02 SMA confluence limits gains.
- Break above 213.02 exposes 216.62 and psychological resistance at 217.00.
GBP/JPY trades choppily despite posting gains of 0.17% on Wednesday, with price action remaining within Tuesday’s daily range of 211.44-212.65, suggesting a potential ‘bullish harami’ or inside-day pattern forming near a key resistance area.
GBP/JPY Price Forecast: Technical outlook
Of note, GBP/JPY bounced after testing a key support trendline near 211.33 on Monday, opening the door for a recovery. However, buyers remain reluctant to open fresh bets as key resistance emerged at the confluence of the 100- and 200-day Simple Moving Averages (SMAs) at 212.92 and 213.02, respectively. If GBP/JPY clears the latter, the next stop is the September 2 high of 216.62, ahead of buyers testing the 217.00 mark,
On the downside, the first support for GBP/JPY is Monday's low of 211.33, followed by the psychological 211.00 level. The next stop is the 50-day SMA at 210.00.
From a momentum standpoint, further upside is seen as the Relative Strength Index (RSI) is bullish, and aiming upwards.
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 Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.63% | 0.50% | 0.67% | 0.41% | 0.22% | 0.67% | 0.92% | |
| EUR | -0.63% | -0.12% | 0.05% | -0.22% | -0.40% | 0.05% | 0.29% | |
| GBP | -0.50% | 0.12% | 0.17% | -0.09% | -0.28% | 0.17% | 0.42% | |
| JPY | -0.67% | -0.05% | -0.17% | -0.26% | -0.44% | 0.02% | 0.25% | |
| CAD | -0.41% | 0.22% | 0.09% | 0.26% | -0.18% | 0.27% | 0.51% | |
| AUD | -0.22% | 0.40% | 0.28% | 0.44% | 0.18% | 0.45% | 0.70% | |
| NZD | -0.67% | -0.05% | -0.17% | -0.02% | -0.27% | -0.45% | 0.22% | |
| CHF | -0.92% | -0.29% | -0.42% | -0.25% | -0.51% | -0.70% | -0.22% |
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.
