GBP/JPY Price Forecast: Trendline caps recovery as range holds
The Pound-Yen cross-pair finds support near 207.60 and bounces towards a daily high of 208.99 before settling at around 208.66, gaining 0.14%.
The GBP/JPY exchange rate has found support around 207.60 and is currently trading near the midpoint of the 207.50-211.00 range. The pair was unable to break through a key resistance trendline near 209.00, indicating that consolidation is likely to continue. A move above 209.00 would expose the September 24 high of 210.15, with bulls then targeting the 211.00 level.
Should the rate drop below 208.00, it would reveal the September 17 low of 207.87, followed by the psychological 207.50 level. Additional support can be found at the September 8 low of the day (LOD) of 207.10 and the 207.00 level. The Japanese Yen was the strongest against the Australian Dollar this week, while markets analyst and trading instructor noted subdued price action ahead of the Reserve Bank of Australia's monetary policy decision.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
