GBP/JPY Price Forecast: Recovery stalls below the 50-day SMA
GBP/JPY holds firm on Wednesday, trading within Monday’s range as the Japanese Yen (JPY) stays on the back foot, having given up nearly half of the gains triggered by the joint US-Japan intervention. At the time of writing, the cross trades around 215.12, virtually unchanged on the day.
On Wednesday, GBP/JPY struggled to recover below its 50-day SMA as the Japanese Yen (JPY) remained in a defensive stance. The cross was trading just above 214.50, with the 50-day SMA at 215.50 acting as a barrier to further gains. Momentum indicators were mixed, with the RSI near neutral and the MACD slightly negative, indicating a lack of clear directional conviction.
Should GBP/JPY break below the 100-day SMA, the 200-day SMA would be at risk, potentially signaling a deeper correction. Conversely, a daily close above the 50-day SMA could pave the way for a continued bullish trend.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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