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GBP/JPY Price Forecast: Buyers regain 50-day SMA with sights set on 213.00
- A move through the 50-day SMA at 210.77 strengthens GBP/JPY’s bullish momentum.
- Buying pressure builds as daily highs rise for five consecutive sessions.
- A breach of 211.00 brings 211.99 and the 200-day SMA at 212.92 into focus.
The 50-day Simple Moving Average (SMA) at 210.77 has been surpassed as the Pound Sterling gains over 0.32% against the Japanese Yen, opening up the possibility of a test of the psychological 211.00 level.
GBP/JPY Price Forecast: Buyers gain ground
After three days of subdued trading, GBP/JPY is approaching 211.00 at the time of writing. The cross has nevertheless posted a higher high on each of the past five days, suggesting that buying momentum is building. An upward drift in the Relative Strength Index (RSI) also points to buyers retaining control.
A further advance through 211.00 would put the 22 October high of 211.99 next in line for GBP/JPY. Beyond that, attention turns to the 200-day SMA at 212.92 and then the 100-day SMA at 213.19.
Sellers seeking a bearish reversal would need a move beneath the 28 October swing low at 209.57. Such a break would clear the way towards the 25 September daily low of 208.01.
GBP/JPY Daily Price Chart
Japanese Yen: Frequently asked questions
Among the world’s most actively traded currencies, the Japanese Yen (JPY) takes its broad direction from the performance of Japan’s economy. More specific influences include Bank of Japan policy, the gap between Japanese and US bond yields and traders’ appetite for risk, alongside other factors.
Currency control forms part of the Bank of Japan’s mandate, making its actions an important influence on the Yen. At times, the BoJ has intervened directly in currency markets, usually with the aim of weakening the Yen. However, political concerns among Japan’s principal trading partners discourage frequent intervention. Between 2013 and 2024, the BoJ’s ultra-loose monetary stance drove the Yen lower against its major currency peers as policy increasingly diverged from that of other leading central banks. More recently, a gradual unwinding of that ultra-loose stance has provided the Yen with some support.
By maintaining ultra-loose monetary policy over the past decade, the BoJ has moved further apart from other central banks, notably the US Federal Reserve. That divergence helped widen the yield gap between 10-year US and Japanese bonds, supporting the US Dollar against the Japanese Yen. The gap is now narrowing following the BoJ’s 2024 decision to move gradually away from ultra-loose policy, alongside interest-rate cuts by other major central banks.
Often regarded as a safe-haven investment, the Japanese Yen tends to attract investors’ money during periods of market stress because of its perceived reliability and stability. In turbulent conditions, the Yen is therefore likely to appreciate against currencies considered riskier investments.
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