GBP/JPY Recovery Stalls Below 50-Day SMA, Yen Holds Ground
GBP/JPY trades little changed around 215.12 on Wednesday as the Yen pauses after a US-Japan intervention-driven rally, with the cross stalling below the 50-day moving average.
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On Wednesday, GBP/JPY is holding steady, confined to Monday’s trading range. The Japanese Yen has been on the back foot, having surrendered nearly half of the gains sparked by the joint US-Japan intervention. The cross currently hovers near 215.12, virtually flat for the day.
The attempted recovery is running into resistance at the 50-day simple moving average, suggesting upward momentum may be fading. This technical level is acting as a cap, and without a clear break above it, the pair could struggle to extend any near-term gains.
Source: FXStreet Forex News