GBP/JPY Price Forecast: Bulls stall near 216.00 as RSI flattens
The GBP/JPY consolidates at familiar levels on Tuesday, virtually unchanged near 216.00, with the cross-pair seesawing within the 215.85-216.22 range, as neither buyers nor sellers are able to clear key resistance/support levels during the day.
GBP/JPY Price Forecast: Technical Outlook
The GBP/JPY is neutral to upward biased, though the last intervention between US and Japanese authorities prevented investors from opening fresh long or short bets. Bullish momentum has faded even though the Relative Strength Index (RSI) remains bullish. Nevertheless, as it turned flat, a potential consolidation lies ahead.
Upwards, the first key resistance is 217.00, followed by a downward resistance trendline near 217.50/65. Above this area, up next is the July 9 high of the day (HOD) at 218.01.
On the flip side, a drop below the 50-day SMA at 215.56 opens the door to further downside. Below lies the 100-day SMA of 214.71, ahead of the 200-day SMA at 212.35.
GBP/JPY Price Chart – Daily
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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