GBP/JPY Price Forecast: Evening star puts 207.00 back in play
GBP/JPY makes a U-turn and loses about 0.39% on Thursday as risk appetite improves, while traders await a potential rate hike by the Bank of Japan later in Friday’s session. The cross-pair trades at 208.32 after reaching a high of 209.19.
The GBP/JPY pair made a U-turn on Thursday, experiencing a decline of around 0.39% as risk appetite improved and traders awaited a potential rate hike by the Bank of Japan later in Friday's session. The cross-pair trades at 208.32 after reaching a high of 209.19, with a potential 'evening star' bearish candle pattern signaling sellers pushing the pair lower towards yearly lows.
The Relative Strength Index (RSI) is bearish, indicating building bearish momentum. However, GBP/JPY's first support is the September 8 swing low at 207.10, with further downside potentially resuming the downtrend structure and pushing the pair towards the December 16, 2025, low of 206.73 and eventually the psychological 205.00 milestone.
If GBP/JPY rises above the September 16 high of 209.47, a move to 210.00 is possible, with the next area of interest being the September 4 swing high of 211.82.
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