The post GBP/JPY Price Forecast: Bears Eye 207.00 as downtrend holds appeared on BitcoinEthereumNews.com.
GBP/JPY falls for the third straight day on Wednesday, but it fails to register a lower low, suggesting buyers are stepping in but lack the strength to push the exchange rate past the opening price, leaving the pair near this week’s lows. The cross-pair trades at 208.05, down 0.22%. GBP/JPY Price Forecast: Technical outlook From a market structure perspective, GBP/JPY is downward-biased after reaching the lowest low of the year at 207.10 on Tuesday, which could open the door for further downside. Momentum, as measured by the Relative Strength Index (RSI), turned oversold. Yet, due to the speed of the decline, the cross remains downward-biased unless the RSI clears the 30 level. On the downside, the first support is 208.00. A breach of the latter will expose the YTD low of 207.10. Once hurdled, the next stop is the December 16, 2025, low of 206.78, followed by 206.50 and 206.00. For a bullish reversal, the GBP/JPY must reclaim the September 8 high of 209.08. Once done, this could form a ‘bullish engulfing’ chart pattern, indicating that buyers have overtaken sellers. In that scenario, the next stop would be 210.00, followed by the 200-day Simple Moving Average (SMA) at 213.09, which would emerge as the next ceiling level. GBP/JPY Price Chart – Daily GBP/JPY daily chart Japanese Yen Price This week The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies this week. Japanese Yen was the strongest against the New Zealand Dollar. USD EUR GBP JPY CAD AUD NZD CHF USD -0.16% -0.20% -1.55% -0.20% -0.27% 0.70% 0.13% EUR 0.16% -0.03% -1.38% -0.04% -0.10% 0.89% 0.29% GBP 0.20% 0.03% -1.44% 0.00% -0.06% 0.90% 0.34% JPY 1.55% 1.38% 1.44% 1.45% 1.36% 2.36% 1.75% CAD 0.20% 0.04% -0.01% -1.45% -0.03% 0.92% 0.33% AUD 0.27% 0.10% 0.06% -1.36%…
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