GBP/JPY Price Forecast: Doji tests bulls’ resolve below 212.00
GBP/JPY goes nowhere on Wednesday, trading around 211.77 as neither buyers nor sellers can provide direction, following the break of the 50-day Simple Moving Average (SMA) at 211.34 towards the close of the October 20 session.
GBP/JPY Price Forecast: Technical outlook
The GBP/JPY has extended its gains for six days, yet the formation of a ‘doji’ suggests that the uptrend remains fragile as key resistance levels emerge above the 212.00 figure.
The Relative Strength Index (RSI) indicates bullish momentum, while price action shows buyers' hesitation to lift the price above the 212.00 milestone.
In that case, the next key resistance would be the 200-day SMA at 212.98, followed by the 100-day SMA at 213.43. On further strength, the next stop is 214.00.
In a bearish scenario, GBP/JPY needs to drop below the 50-day SMA, which could expose the 211.00 mark. A breach of the latter will expose 210.00, followed by the October 8 swing low of 208.20, followed by the September 30 cycle low of 206.89.
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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