GBP/JPY Price Forecast: Can bulls withstand the Doji challenge below 212.00?

Buyers show increasing hesitation as GBP/JPY consolidates around 211.77, with a doji signalling indecision.
Resistance at 212.00 caps the upside despite a bullish RSI supporting the recovery.
A move through 212.00 would bring the 200-day SMA at 212.98 into focus, followed by 213.43.

With neither buyers nor sellers able to establish direction, GBP/JPY remains little changed around 211.77 on Wednesday. The pair had broken through the 50-day Simple Moving Average (SMA) at 211.34 towards the end of the 20 October session.

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GBP/JPY Price Forecast: Can the Pair Clear 212.00 Resistance?

Despite six days of gains in GBP/JPY, the appearance of a ‘doji’ points to a fragile uptrend, with significant resistance levels emerging above 212.00.

Although the Relative Strength Index (RSI) signals bullish momentum, trading patterns suggest buyers remain reluctant to push the pair beyond the 212.00 level.

If the pair clears that level, resistance would next come from the 200-day SMA at 212.98 and then the 100-day SMA at 213.43. An extension of the advance would put 214.00 in focus.

For a bearish scenario to unfold, GBP/JPY would need to fall below the 50-day SMA, potentially bringing 211.00 into play. A break beneath 211.00 would open the way towards 210.00, then the 8 October swing low at 208.20 and, subsequently, the 30 September cycle low at 206.89.

GBP/JPY Daily Price Chart

How Is the Japanese Yen Performing Today?

The Japanese Yen recorded its strongest performance against the Euro today. Its percentage changes against the listed major currencies are shown in the table below.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.00%	-0.07%	-0.06%	-0.08%	-0.39%	-0.10%	-0.04%
EUR	0.00%		-0.14%	-0.07%	-0.12%	-0.32%	-0.14%	-0.08%
GBP	0.07%	0.14%		0.06%	0.00%	-0.19%	-0.01%	0.06%
JPY	0.06%	0.07%	-0.06%		-0.04%	-0.24%	-0.07%	0.00%
CAD	0.08%	0.12%	-0.01%	0.04%		-0.21%	-0.02%	0.04%
AUD	0.39%	0.32%	0.19%	0.24%	0.21%		0.19%	0.25%
NZD	0.10%	0.14%	0.00%	0.07%	0.02%	-0.19%		0.06%
CHF	0.04%	0.08%	-0.06%	-0.00%	-0.04%	-0.25%	-0.06%

Percentage movements between major currencies are displayed in the heat map. Select the base currency in the left-hand column and the quote currency in the top row. For instance, choosing the Japanese Yen on the left and following its row across to the US Dollar gives the percentage change for JPY (base)/USD (quote) in the corresponding cell.