GBP/JPY Price Forecast: RSI eases from overbought territory as upside momentum cools
The British Pound (GBP) weakens against the Japanese Yen (JPY) on Thursday as renewed intervention speculation lends support to the Yen after its recent slump. At the time of writing, GBP/JPY hovers near 212.35, extending losses for a second consecutive day while holding near multi-year highs.
Meanwhile, Sterling drew limited support from stronger-than-expected UK economic data. The latest report showed Gross Domestic Product (GDP) rose 0.3% MoM in November, beating expectations of 0.1% and improving from October’s 0.1% contraction.
From a technical standpoint, GBP/JPY remains within a well-defined uptrend, with the daily chart showing a clear sequence of higher highs and higher lows, reinforcing the broader bullish structure. However, momentum has started to cool after recent overbought conditions.
The 21-day Simple Moving Average (SMA) continues to rise above the 50-day SMA, underscoring a bullish setup, with price holding above both to maintain an upward bias. The 21-day SMA, near 211.30, offers nearby dynamic support, followed by the 50-day SMA around 208.20.
On the upside, a sustained break above the 214.00 psychological level would signal a continuation of the prevailing uptrend, opening the door toward the 215.00 handle, with scope for a further extension toward the 216.00 region.
Meanwhile, the Moving Average Convergence Divergence (MACD) histogram is hovering slightly below the zero line, with the MACD line marginally under the Signal line, suggesting cooling bullish momentum. The RSI stands around 62, reflecting a pullback from overbought conditions while remaining in positive territory.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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