GBP/JPY Price Forecast: Doji Challenges Bulls Below 212.00

Near 211.77, GBP/JPY remains in consolidation as a doji points to increasing indecision among buyers.
Resistance at 212.00 restrains the advance, although a bullish RSI underpins the recovery.
Above 212.00, a breakout would bring the 200-day SMA at 212.98 and then 213.43 into view.

At around 211.77 on Wednesday, GBP/JPY remains little changed, with neither buyers nor sellers establishing a clear direction. The sideways trading follows a break above the 50-day Simple Moving Average (SMA) at 211.34 towards the close of the 20 October session.

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GBP/JPY Price Forecast: Advance faces technical resistance

Despite six days of gains for GBP/JPY, a ‘doji’ formation points to a fragile uptrend, with significant resistance levels lying above 212.00.

Although the Relative Strength Index (RSI) points to bullish momentum, trading patterns suggest buyers are reluctant to push the pair beyond the 212.00 threshold.

Should that level give way, resistance would next come from the 200-day SMA at 212.98 and then the 100-day SMA at 213.43. A further advance would put 214.00 in focus.

For a bearish scenario to develop, GBP/JPY would need to fall below the 50-day SMA, potentially bringing 211.00 into play. Losing that level would open the way towards 210.00, then the 8 October swing low at 208.20 and the 30 September cycle low at 206.89.

GBP/JPY Daily Price Chart

Japanese Yen Outperforms the Euro Today

Among the major currencies listed below, the Euro was the weakest against the Japanese Yen (JPY). The table sets out today's percentage changes in the Yen against each currency.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.00%	-0.07%	-0.06%	-0.08%	-0.39%	-0.10%	-0.04%
EUR	0.00%		-0.14%	-0.07%	-0.12%	-0.32%	-0.14%	-0.08%
GBP	0.07%	0.14%		0.06%	0.00%	-0.19%	-0.01%	0.06%
JPY	0.06%	0.07%	-0.06%		-0.04%	-0.24%	-0.07%	0.00%
CAD	0.08%	0.12%	-0.01%	0.04%		-0.21%	-0.02%	0.04%
AUD	0.39%	0.32%	0.19%	0.24%	0.21%		0.19%	0.25%
NZD	0.10%	0.14%	0.00%	0.07%	0.02%	-0.19%		0.06%
CHF	0.04%	0.08%	-0.06%	-0.00%	-0.04%	-0.25%	-0.06%

Percentage movements between the major currencies are displayed in the heat map. To read a currency pair, select its base currency in the left-hand column and its quote currency in the top row. Selecting the Japanese Yen on the left and following that row across to the US Dollar, for instance, gives the percentage change for JPY (base)/USD (quote) in the corresponding cell.