GBP/JPY Price Forecast: Climbs above 211.00 to over one-week high as JPY weakens after BoJ

Following the BoJ decision, a softer JPY lifts GBP/JPY into positive territory for a third consecutive day.
Stronger expectations of a BoE rate rise support GBP and help drive the day's advance.
With technical signals still mixed, aggressive bullish positioning calls for caution.

Trading around 211.25-211.30, GBP/JPY is nearly 0.15% higher on Friday and remains set for a modest weekly gain. Buyers stepped in on a dip towards 210.60-210.55, taking the cross into positive territory for a third consecutive day and pushing it 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 initial response proved short-lived, however, as BoJ Governor Kazuo Ueda provided no fresh, definitive guidance on precisely when the next move would come. By contrast, hawkish expectations for the Bank of England (BoE) continue to lend support to the British Pound (GBP), giving GBP/JPY an additional lift.

A break above the 38.2% Fibonacci retracement level during the session strengthens the technical argument for further gains. Momentum indicators are also constructive: the Moving Average Convergence Divergence (MACD) remains positive, while the Relative Strength Index (RSI) sits close to 56. Nevertheless, with GBP/JPY still trading beneath the important 200-day Simple Moving Average (SMA), the improving picture suggests attempts to move higher rather than a confirmed change in trend.

Further advances could initially meet resistance at 212.20, the 50% retracement level. Beyond that lie the 200-day SMA at 212.91 and the 61.8% retracement at 213.47. Higher resistance levels stand at 215.26 and 217.55, the latter marking the 78.6% retracement of the recent swing. Should prices fall, the 38.2% retracement at 210.94 offers immediate support, 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 advances on the daily chart

Pound Sterling Records Its Strongest Weekly Performance Against NZD

Against the major currencies listed below, the British Pound (GBP) recorded its strongest performance this week versus the New Zealand Dollar. The table sets out sterling's percentage change against each currency over the week.

	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%

To read the heat map of percentage movements between major currencies, select the base currency in the left-hand column and the quote currency in the top row. Selecting the British Pound on the left and following that row across to the US Dollar, for instance, gives the percentage change for GBP (base)/USD (quote) in the intersecting cell.