Key Moments:
- GBP/JPY traded higher for a second straight session, breaking above the prior range top near 211.50.
- The cross retraced more than half of its late-March decline, with price touching fresh April highs above 211.65.
- Technical signals, including RSI and MACD, pointed to strengthening bullish momentum and scope for further upside.
GBP/JPY Pushes to New April Highs
The British Pound advanced against the Japanese Yen for a second consecutive day on Tuesday, with buyers driving GBP/JPY through the upper boundary of last week’s trading band around the 211.50 region. The move carried the pair to new April peaks above 211.65 at the time of writing.
The cross has clawed back more than half of the losses incurred during the late-March decline. The Pound has shown greater resilience than the Yen in the face of the fallout from Iran’s war. Market participants are increasingly worried that elevated Crude prices, combined with stimulus initiatives from Prime Minister Sanae Takaichi, could fuel an inflation spiral in Japan, pressuring the traditionally defensive Yen.
Technical Outlook: Bullish Structure Reinforced
Price action in GBP/JPY reflects strengthening upside momentum. A bullish engulfing pattern on Monday’s daily chart, followed by Tuesday’s clear break above the 211.50 resistance band, has encouraged buyers to look for an extension of the move toward the 212.00 region and potentially higher levels.
Momentum indicators are aligned with this constructive view. On the 4-hour chart, the Relative Strength Index (RSI) has risen from oversold territory into the 60 area, indicating renewed buying interest. At the same time, the Moving Average Convergence Divergence (MACD) line remains above its signal line in positive territory, with the positive reading gradually widening, signaling that buyers are steadily gaining control.
Current price behavior suggests the pair is moving within the C-D leg of a Gartley pattern. The 61.8% Fibonacci retracement of the late-March downswing, located at 211.92, may act as an initial barrier. A potential objective for this formation is seen between the late-March lows at 212.30 and the 78.2% retracement of the same move at 212.55.
On the downside, initial support is identified at 210.35, a level that contained selling pressure on April 2 and 6. A break below this floor would open the way toward the March 31 low at 209.65.
(The technical analysis of this story was written with the help of an AI tool.)
Japanese Yen Performance Against Major Currencies
The table below highlights the percentage changes of the Japanese Yen versus major counterparts today. Over this period, the Yen showed the most strength against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.01% | -0.04% | 0.10% | 0.10% | 0.04% | 0.18% | 0.10% | |
| EUR | -0.01% | -0.05% | 0.06% | 0.05% | 0.02% | 0.16% | 0.11% | |
| GBP | 0.04% | 0.05% | 0.13% | 0.11% | 0.09% | 0.22% | 0.17% | |
| JPY | -0.10% | -0.06% | -0.13% | 0.00% | -0.04% | 0.09% | 0.04% | |
| CAD | -0.10% | -0.05% | -0.11% | -0.01% | -0.04% | 0.08% | 0.02% | |
| AUD | -0.04% | -0.02% | -0.09% | 0.04% | 0.04% | 0.13% | 0.09% | |
| NZD | -0.18% | -0.16% | -0.22% | -0.09% | -0.08% | -0.13% | -0.02% | |
| CHF | -0.10% | -0.11% | -0.17% | -0.04% | -0.02% | -0.09% | 0.02% |
The heat map reflects the percentage move of each currency pair. The base currency is listed on the left-hand column, and the quote currency appears along the top row. For instance, selecting the Japanese Yen on the left and moving horizontally to the US Dollar cell shows the percentage change for JPY (base)/USD (quote).
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
