The rise of the British pound against the Japanese yen stopped below the 211.50 level. The pair is now looking for direction, with downside attempts above the 210.00 level contained so far. Minutes from the Bank of Japan’s latest meeting have raised hopes for further monetary tightening, and tensions in the East China Sea have dampened risk appetite, providing support for the safe-haven yen.
The Chinese Navy extends its military exercises for a second day, including live missile launches and exercises for a comprehensive blockade of the island of Taiwan, forcing Taipei to intensify its defenses. Rising tensions in the region weighed on Asian markets and provided some support to the safe-haven yen on Tuesday.
Technical Analysis: Indicators show bullish momentum fading
On the 4-hour chart, the GBP/JPY pair is trading at 210.76, registering marginal losses on the daily chart. The broader uptrend remains in place, but technical indicators are entering negative territory. The Moving Average Convergence Divergence (MACD) is still just below zero, while the Relative Strength Index (RSI) is still hesitating around the key 50 level, indicating a lack of a clear trend.
Immediate support is at 210.05 (Dec 24 low), and the trend line from the early November lows is now at 209.35. Confirmation below these levels will bring the mid-December highs into focus, around 208.90.
On the upside, the long-term high at 211.53 is holding bulls at bay for now. Furthermore, the 127.2% Fibonacci extension of the December 15-22 rally, at 212.75, and the 161.8% extension of the same cycle, at 214.38, are reasonable targets.
(Technical analysis of this story was written with the help of an artificial intelligence tool)
Japanese yen price today
The table below shows how much the Japanese Yen (JPY) has changed against the major currencies listed today. The Japanese yen was the strongest against the Swiss franc.
| US dollars | euro | GBP | JPY | Canadian | Australian dollar | New Zealand dollar | Swiss franc | |
|---|---|---|---|---|---|---|---|---|
| US dollars | 0.00% | -0.07% | -0.12% | -0.08% | -0.23% | -0.16% | -0.01% | |
| euro | -0.01% | -0.08% | -0.13% | -0.10% | -0.26% | -0.16% | -0.04% | |
| GBP | 0.07% | 0.08% | -0.04% | -0.02% | -0.17% | -0.07% | 0.04% | |
| JPY | 0.12% | 0.13% | 0.04% | 0.03% | -0.11% | -0.05% | 0.14% | |
| Canadian | 0.08% | 0.10% | 0.02% | -0.03% | -0.14% | -0.07% | 0.06% | |
| Australian dollar | 0.23% | 0.26% | 0.17% | 0.11% | 0.14% | 0.08% | 0.21% | |
| New Zealand dollar | 0.16% | 0.16% | 0.07% | 0.05% | 0.07% | -0.08% | 0.13% | |
| Swiss franc | 0.01% | 0.04% | -0.04% | -0.14% | -0.06% | -0.21% | -0.13% |
The heat map shows the percentage changes in major currencies versus each other. The base currency is chosen from the left column, while the counter currency is chosen from the top row. For example, if you select the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent the Japanese Yen (base)/US Dollar (quote).
