The GBP/JPY currency pair fell about 0.34% on Thursday after hitting an 18-year peak of 219.62 the day before. However, with some recovery in the yen, the pair has now settled at approximately 218.80.
GBP/JPY Price Forecast: Technical Outlook
Even though the pair didn’t breach the 220.00 mark, it was still on a positive trajectory, suggesting the possibility for further gains. The momentum, indicated by the Relative Strength Index (RSI), shows bullish tendencies, having recently dipped before hitting overbought levels. This shift has led to a temporary downturn in GBP/JPY, but the potential for upward movement remains.
Looking ahead to Friday’s Asian session, the primary resistance level is set at 219.00. Should GBP/JPY surpass this threshold, the next target could be the notable 18-year high of 219.61 before potentially testing the critical 220.00 mark. A significant breakthrough past the psychological barrier of 220.50 might open the way toward 221.00.
Conversely, if the GBP/JPY experiences a deeper pullback beyond 218.00, it could trend down to the support level established on April 30 at 216.60. Should the resistance prove strong, be mindful of the 216.00 level, which is just above the 50-day simple moving average (SMA) of 214.72.
GBP/JPY Price Chart — Daily
This Week’s Japanese Yen Price
The following table outlines the weekly percentage changes of the Japanese Yen (JPY) against major currencies, noting that it performed strongest against the Swiss franc.
| USD | EUR | GBP | JPY | CAD | Australian Dollar | New Zealand Dollar | Swiss Franc | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.35% | -0.67% | 0.37% | -0.80% | -0.71% | -1.27% | 0.10% | |
| EUR | 0.35% | -0.31% | 0.74% | -0.46% | -0.40% | -0.94% | 0.46% | |
| GBP | 0.67% | 0.31% | 1.01% | -0.13% | -0.09% | -0.61% | 0.82% | |
| JPY | -0.37% | -0.74% | -1.01% | -1.26% | -1.08% | -1.69% | -0.32% | |
| CAD | 0.80% | 0.46% | 0.13% | 1.26% | 0.17% | -0.46% | 0.96% | |
| Australian Dollar | 0.71% | 0.40% | 0.09% | 1.08% | -0.17% | -0.54% | 0.77% | |
| New Zealand Dollar | 1.27% | 0.94% | 0.61% | 1.69% | 0.46% | 0.54% | 1.46% | |
| Swiss Franc | -0.10% | -0.46% | -0.82% | 0.32% | -0.96% | -0.77% | -1.46% |
This heatmap illustrates the percentage changes between major currencies. The base currency is indicated in the left column, and the quote currency runs across the top. For example, if you select the Japanese Yen from the left and look across to USD, you’ll see the percentage change representing JPY (base)/USD (estimate).
