GBP/JPY Price Forecast: 217.00 caps bulls as RSI fades
GBP/JPY trades flattish for the third straight day as buyers have failed to decisively crack the 217.00 level, which could open the door to further upside. This pushed the cross-pair to the mid-point of the trading range of 216.08-216.85,
The GBP/JPY exchange rate is hovering near the 217.00 mark, which could limit further price increases if it fails to break through this level. The relative strength index (RSI) has shown signs of weakness as it approaches the neutral 50 level, suggesting that the bullish momentum may be fading. Traders should watch for a potential break above the 217.00 resistance level, which could open the path to the July 9 high of 218.01 and the yearly high of 219.61.
Conversely, a drop below the 50-day Simple Moving Average (SMA) at 215.96 could trigger a move towards the 100-day SMA at 215.00 and the psychological 214.00 level. The Japanese Yen's value is influenced by economic performance, Bank of Japan policy, interest rate differentials, and risk sentiment, among other factors.
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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