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.
GBP/JPY experienced a reversal on Thursday, dropping roughly 0.39% as risk appetite rose and traders awaited a potential Bank of Japan rate hike later Friday. The cross-currency pair was trading at 208.32 after peaking at 209.19. An 'evening star' candlestick pattern, indicative of bearish momentum, emerged, suggesting sellers are pushing the GBP/JPY lower towards yearly lows.
The Relative Strength Index (RSI) is bearish and nearing oversold territory, signaling accumulating bearish momentum. The September 8th support level at 207.10 is GBP/JPY's first line of defense; a break below it would resume the downtrend, exposing the December 16, 2025 low of 206.73, and potentially plummeting to the psychological 205.00 mark.
Conversely, a rise above the September 16 high of 209.47 could propel GBP/JPY to 210.00, followed by the September 4 swing high at 211.82. Japanese Yen demonstrated relative strength against the British Pound in today's market, while the USD hovered as the weakest.
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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