GBP/JPY Struggles at 50-Day SMA as Bulls Fail Near 215.50
GBP/JPY ended Tuesday flat at 215.17, with buyers hesitant to challenge the 50-day simple moving average at 215.43, keeping yearly peaks out of reach.
The pound-yen cross closed Tuesday's session virtually unchanged at 215.17, as bullish momentum stalled just below the 50-day simple moving average (SMA) at 215.43.
That moving average acted as the first layer of resistance, with buyers unwilling to commit above it. A sustained push beyond 215.43 is seen as necessary for any attempt to revisit the yearly highs, which remain well out of reach.
The repeated failure to breach the SMA suggests sellers are defending the level, trapping the pair in a near-term range. Until the bulls clear this hurdle, the path of least resistance may lean lower.
Source: FXStreet Forex News