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GBP/JPY holds near 215.17 as resistance at 50-day SMA limits gains
The cross trades unchanged at 215.17, with buyers hesitant to challenge the 50-day SMA at 215.43 as RSI sits flat at the 50-neutral level.
GBP/JPY ended Tuesday’s session unchanged at 215.17, with buyers reluctant to test the 50-day Simple Moving Average at 215.43, a first resistance level that would be needed to push the pair toward its yearly peak near 219.61, FXStreet reports.
Price action suggests the pair is running into key resistance and could transition into sideways trading rather than extending higher immediately.
FXStreet points to Relative Strength Index conditions as further confirmation, noting the RSI is flat at the 50-neutral level, showing neither bulls nor bears are fully committed to a directional move.
On the upside, resistance is seen at 215.43 followed by 216.00, then 216.50 and the 217.00 psychological area, while support is expected around 215.00 and then the 100-day SMA at 214.53, with deeper downside levels including the 200-day SMA at 217.05 and the August 7 low at 211.47.