GBP/JPY Price Forecast: Technical outlook

The technical picture shows the GBP/JPY remains upward biased, even though after reaching a yearly peak of 214.29 on January 13 retreated towards the 211.00 mark. Since then, the pair consolidated within the 211.00 – 213.00 area, before buyers had cleared the top of the range attempting to challenge the current yearly high.

From a momentum standpoint, buyers have the upper hand as shown by the Relative Strength index (RSI), which is approaching the overbought territory.

If GBP/JPY clears 214.00, the next resistance would be 214.29 ahead of testing 214.50. A breach of the latter will expose 215.00.