The cross-pair stabilizes above its 50-day moving average as yen weakness offsets modest gains, with traders targeting 214.00.
The GBP/JPY pair traded near 213.50 on Wednesday, posting a marginal 0.04% gain as the yen weakened against most G10 currencies. Sellers failed to push the cross below the 50-day Simple Moving Average at 213.16, allowing buyers to stage a modest recovery toward the 214.00 resistance level.
After Japan’s April 30 intervention, the pair found support between 210.00 and 212.00 before reclaiming the 50-day SMA. However, upside momentum stalled at the psychological 213.50 level, with the Relative Strength Index hovering near the neutral 50 mark, signaling balanced control between buyers and sellers.
Resistance lies at 214.00, with a breakout exposing the May 11 high of 214.43 and the 215.00 psychological level. Downside risks emerge if the pair falls below 213.00, targeting the 100-day SMA at 212.19 and the May 6 low of 210.76.