GBP/JPY Price Forecast: Trapped between key SMAs, bulls eye 214.00
The GBP/JPY trims some of its earlier losses, turns nearly flat during the day at around 213.60, and is modestly down 0.09% amid a mixed market mood, an indication of cautious trading amid the ongoing environment.
GBP/JPY Price Forecast: Technical Outlook
Price action shows the GBP/JPY is consolidating following last week’s losses of over 0.21%, capped on the downside by the 100-day Simple Moving Average (SMA) at 212.62, and on the top by the 50-day SMA at 213.87.
The Relative Strength Index (RSI) indicates that, in the near term, sellers are in charge. But the market structure of successive higher highs and higher lows suggests further upside for GBP/JPY.
If GBP/JPY reclaims 214.00, the next resistance would be the June 15 high at 215.62. Above this area, the next stop would be the year-to-date (YTD) high of 216.61.
Downwards, the first support for GBP/JPY would be 213.00. Below the figure, the next stop would be the 100-day SMA at 212.62, followed by the 212.00 mark.
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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