GBP/JPY Price Forecast: Recovers Past 194.00, Traders Eye 200-Day SMA -

GBP/JPY Price Forecast: Recovers Past 194.00, Traders Eye 200-Day SMA

Dec 11, 2024Jeremy ParkinsonFinance0

The Pound Sterling registered decent gains of over 0.20% against the Japanese Yen in early trading during Wednesday’s North American session despite the lack of a catalyst boosting the former. The GBP/JPY trades at 194.46 after bouncing off daily lows of 192.49.Price action remains slightly muted. Traders are awaiting the release of Gross Domestic Product (GDP) figures in the UK on Friday, which are expected to show an improvement in October’s figures. GBP/JPY Price Forecast: Technical outlookThe GBP/JPY recovered after falling over 4.58% in mid-November, hitting its lowest level since September at 188.06. However, buyers lifted the exchange rate well inside the Ichimoku Cloud (Kumo), clearing key technical resistance levels like the Tenkan-Sen and the Kijun-Sen.Momentum picked up, showing that bulls are in charge, as depicted by the Relative Strength Index (RSI), which turned bullish, with the slope aiming higher.If GBP/JPY clears the 200-day Simple Moving Average (SMA) at 194.74, further upside is seen. The 50-day SMA is next at 195.06. A breach of the latter exposes the top of the Kumo at 196.20-40.Conversely, if GBP/JPY tumbles below the confluence of the Kijun-Sen and the Senkou Span B at around 193.95, the next support would be the 100-day SMA at 192.53 before testing the bottom of the Kumo at 191.75-95. GBP/JPY Price Chart – Daily British Pound PRICE TodayThe table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the Japanese Yen.

USD EUR GBP JPY CAD AUD NZD CHF USD 0.12% 0.22% 0.43% -0.00% 0.27% 0.28% 0.00% EUR -0.12% 0.09% 0.32% -0.12% 0.15% 0.16% -0.11% GBP -0.22% -0.09% 0.19% -0.22% 0.06% 0.06% -0.21% JPY -0.43% -0.32% -0.19% -0.44% -0.16% -0.17% -0.42% CAD 0.00% 0.12% 0.22% 0.44% 0.27% 0.28% 0.01% AUD -0.27% -0.15% -0.06% 0.16% -0.27% 0.00% -0.26% NZD -0.28% -0.16% -0.06% 0.17% -0.28% -0.01% -0.27% CHF -0.01% 0.11% 0.21% 0.42% -0.01% 0.26% 0.27%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote). More By This Author:Silver Price Forecast: XAG/USD Nears $32 Hurdle Amid Fed Rate Cut Speculation EUR/USD Tumbles Below 1.0550 On Upbeat US Business Confidence USD/CHF Price Forecast: Recovers From Lows, Bulls Target 0.8800