On Tuesday, the British pound gained strength against the Japanese yen, increasing over 0.12% to reach 217.04. This movement suggests that the currency pair may be headed toward its highest point of the year, which stands at 218.01.
GBP/JPY Price Forecast: Technical Outlook
Recent price activity indicates that GBP/JPY has surpassed the April 30 high of 216.60, suggesting a positive trend. This could lead to a consolidation phase within the 217.00 to 218.00 range. However, caution remains as traders speculate that Japanese officials may intervene in the forex market, leading to hesitancy among buyers in starting new long positions, which could potentially help push the pair higher.
The Relative Strength Index (RSI) shows that buyers are in a favorable position, indicating that further increases might be likely.
If GBP/JPY breaks past 218.00, it may aim for the 218.50 level, eventually targeting 219.00. Clearing these levels could lead to resistance at 220.00, followed by the January 2008 monthly high of 222.76.
In terms of support, the first level for GBP/JPY is at 217.00. Should it dip below this level, the next support would be the earlier April 30 high of 216.60. If that is breached, it could drop further to 216.00, and even down to the psychological barrier of 215.00.
GBP/JPY price chart — daily
This week’s British pound price
The following table shows the percentage change of the British Pound (GBP) against major currencies this week, with the pound performing strongest against the Japanese yen.
| USD | EUR | GBP | JPY | CAD | australian dollar | new zealand dollar | swiss franc | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.17% | -0.00% | 0.34% | -0.65% | -0.35% | -0.79% | 0.13% | |
| EUR | 0.17% | 0.17% | 0.44% | -0.48% | -0.22% | -0.62% | 0.33% | |
| GBP | 0.00% | -0.17% | 0.24% | -0.66% | -0.39% | -0.80% | 0.20% | |
| JPY | -0.34% | -0.44% | -0.24% | -1.00% | -0.59% | -1.08% | -0.14% | |
| CAD | 0.65% | 0.48% | 0.66% | 1.00% | 0.38% | -0.10% | 0.86% | |
| australian dollar | 0.35% | 0.22% | 0.39% | 0.59% | -0.38% | -0.41% | 0.45% | |
| new zealand dollar | 0.79% | 0.62% | 0.80% | 1.08% | 0.10% | 0.41% | 1.00% | |
| swiss franc | -0.13% | -0.33% | -0.20% | 0.14% | -0.86% | -0.45% | -1.00% |
The heat map shows the percentage change between major currencies. The base currency is selected from the left column and the quote currency is selected from the top row. For example, if you select British Pounds from the left column and move along the horizontal line to US Dollars, the percentage change displayed in the box represents GBP (Base)/USD (Quote).
