GBP/JPY Price Forecast: Breaks higher to 213.00 as risk-off sinks JPY

The GBP/JPY rises on Monday, courtesy of a risk-off mood that weighed on safe-haven peers like the Japanese Yen and the Dollar, which are trading softer against most currencies. At the time of writing the cross-pair trade at 212.88 up 0.61%.

GBP/JPY Price Forecast: Technical outlook

The GBP/JPY technical picture is bullish after the pair cleared the top of the 210.00-212.00 trading range, pushing the pair to new yearly highs of 212.93, with buyers eyeing the 213.00 mark. Once surpassed, the next stop would be 213.50 mark, ahead of 214.00.

On the flip side, the GBP/JPY first support would be the 212.00 figure. A breach of the latter would clear the way to challenge 211.00, followed by the 20-day Simple Moving Average (SMA) at 210.68. Once surpassed, the next stop would be the 50-day SMA at 207.36.

GBP/JPY Price Chart – Daily