211.00 cleared: GBP/JPY reaches over one-week high as JPY weakens after BoJ | Price Forecast

A third consecutive daily gain takes shape for GBP/JPY as the JPY slips following the BoJ decision.
Stronger expectations of a BoE rate rise support the GBP and help drive the intraday advance.
With technical signals still mixed, aggressive bullish positioning calls for caution.

GBP/JPY is up nearly 0.15% on the day. Trading around 211.25-211.30, the cross remains on course for modest weekly gains. Buyers emerged near 210.60-210.55 on Friday, lifting the pair into positive territory for a third consecutive day and to its highest level in over a week in early European trading.

TMGM Analysis: Financial Market News, Economic Calendar & Market Insights

A widely expected decision by the Bank of Japan (BoJ) to hold its main rate at 1.25%, while keeping further increases on the table, briefly lifted the Japanese Yen (JPY). That response soon faded, however, as BoJ Governor Kazuo Ueda provided no fresh, definitive guidance on the timing of the next move. By contrast, expectations of a hawkish Bank of England (BoE) continue to support the British Pound (GBP), giving GBP/JPY an additional lift.

The technical case for further upside has strengthened with an intraday break above the 38.2% Fibonacci retracement. Momentum indicators are also constructive: the Moving Average Convergence Divergence (MACD) remains positive, while the Relative Strength Index (RSI) is close to 56. Even so, these improvements suggest attempts to push higher rather than a confirmed change in trend. GBP/JPY still trades below the key 200-day Simple Moving Average (SMA).

For any further advance, the first potential hurdle is the 50% retracement at 212.20. Beyond that lie the 200-day SMA at 212.91 and the 61.8% retracement at 213.47. Further resistance stands at 215.26 and 217.55, the latter marking the 78.6% retracement of the recent swing. Immediate downside support sits at the 38.2% retracement at 210.94, followed by the 23.6% level at 209.38. A deeper structural support level lies near the cycle low around 206.85.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

GBP/JPY: daily chart

Pound Sterling: This Week's Performance

The British Pound (GBP) recorded its strongest performance this week against the New Zealand Dollar. The table below sets out its percentage changes against the major currencies listed.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.16%	-0.31%	0.22%	-0.61%	0.18%	0.87%	-0.34%
EUR	-0.16%		-0.49%	0.00%	-0.82%	-0.06%	0.65%	-0.56%
GBP	0.31%	0.49%		0.44%	-0.33%	0.43%	1.19%	-0.10%
JPY	-0.22%	0.00%	-0.44%		-0.77%	-0.09%	0.69%	-0.65%
CAD	0.61%	0.82%	0.33%	0.77%		0.72%	1.41%	0.23%
AUD	-0.18%	0.06%	-0.43%	0.09%	-0.72%		0.71%	-0.70%
NZD	-0.87%	-0.65%	-1.19%	-0.69%	-1.41%	-0.71%		-1.23%
CHF	0.34%	0.56%	0.10%	0.65%	-0.23%	0.70%	1.23%

Percentage movements between major currencies are displayed in the heat map. Select the base currency in the left-hand column and the quote currency in the top row. To read GBP (base)/USD (quote), for instance, select the British Pound on the left and follow that row across to the US Dollar. The intersecting cell shows the pair's percentage change.