GBP/JPY Price Forecast: Sellers eye 214.00 after SMA break
The Pound Sterling collapses versus the Japanese Yen as growing “speculation” of an intervention in the FX markets witnessed the Yen appreciating versus most G8 FX currencies. The GBP/JPY trades with losses of more than 1.10%, at 214.08.
The Pound Sterling is experiencing a significant decline against the Japanese Yen, fueled by increasing speculation of possible intervention in foreign exchange markets. The GBP/JPY pair is currently trading at 214.08, marking a loss of over 1.10% and trading below the 100-day Simple Moving Average (SMA) at 215.08. This shift has opened the door to further downside and has put the 214.00 level in focus.
The Relative Strength Index (RSI) suggests that momentum is strongly bearish, indicating that sellers are taking control. The pair's first support lies at 214.00, and a breach of this level would expose the 200-day SMA as the next support at 213.02. Should the GBP/JPY continue to weaken, the August 3 cycle low of 209.58 would be the next area of concern, followed by the yearly low near 207.24.
Conversely, if buyers can push the GBP/JPY exchange rate above the 100-day SMA, consolidation between 215.08 and 216.04 could occur, with the 50-day SMA acting as a key level. Japanese Yen showed strength against the New Zealand Dollar in today's trading session.
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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