The GBPJPY pair approached the extra target at 218.10 by its last bullish rally, but its neediness to the bullish momentum by stochastic attempt to exit the overbought level that pushed it to form corrective rebound, to settle near 217.00.
The continuation of the trading fluctuation below the barrier at 118.10 makes us expect forming corrective trading, to target 216.30 level reaching the extra support near 215.45, while breaching the barrier and holding above it will open the way for resuming the bullish trend, reminding you that the stability of the next main target near 218.65 level.
The expected trading range for today is between 216.55 and 218.10
Trend forecast: Fluctuated within the bullish trend
The GBPJPY pair approached the extra target at 218.10 by its last bullish rally, but its neediness to the bullish momentum by stochastic attempt to exit the overbought level that pushed it to form corrective rebound, to settle near 217.00.
The continuation of the trading fluctuation below the barrier at 118.10 makes us expect forming corrective trading, to target 216.30 level reaching the extra support near 215.45, while breaching the barrier and holding above it will open the way for resuming the bullish trend, reminding you that the stability of the next main target near 218.65 level.
The expected trading range for today is between 216.55 and 218.10
Trend forecast: Fluctuated within the bullish trend
The British pound initially rallied against the USD on Thursday but seems to be running into a touch of trouble.
GBP/USD
The British pound initially rallied against the US dollar during trading here on Thursday, and it then tested an area that was a major resistance barrier just waiting to happen, where supply had come into the market aggressively several days ago. Now we find ourselves trying to form a bit of a shooting star just above the 200-day EMA. We have to ask whether or not the sellers are going to get aggressive.
Interest rates in America did dip just a touch. I think you also have a situation where it’s difficult to get aggressive against the US dollar, although you can certainly make an argument if there is one currency that probably has a good shot at really taking it to the US dollar, it’s the British pound.
Middle East Chaos and Range Dynamics
That being said, I think there are a lot of questions right now about what’s going to happen next in the Middle East, and that’s causing some chaos. The markets, I believe, continue to just hang around this area, and I just don’t see how markets are looking for a big move in one direction or the other. This is a currency pair that tends to range quite a bit, and we are basically in the middle of the range from last year. So, a little bit of hesitation here makes sense. Maybe a short-term selling opportunity, but I think you’re somewhat in no man’s land.
I did this yesterday, I put this out, and I suggested that maybe the British pound is a great measure of the US dollar. If the pound starts to fall, then that means your dollar is going to strengthen against multiple other currencies. If the US dollar starts to fall apart, you should see the pound be one of the biggest beneficiaries. So, I think this is still very much a tertiary indicator more than anything else.
Christopher Lewis is a technical analyst and market commentator at DailyForex with more than two decades of trading experience in Forex and other leveraged markets. Based in Columbus, Ohio, he specializes in chart-based analysis of major currency pairs, stock indices, commodities, and energy markets, focusing on clear support and resistance levels, trend structure, and risk management. Christopher produces daily written and video analysis for traders who rely on technical setups to navigate volatile market conditions
As seen on:Pairs Of Aces Podcast,The Trader Guy, FXEmpire
The British Pound (GBP) is pulling lower against the Japanese Yen (JPY) on Thursday, after hitting a fresh all-time high at 218.01 earlier on the day. The pair has returned to the mid-range of the 217.00s at the time of writing, yet with the bullish trend in place, holding comfortably above the previous highs, in the 217.20 area.
Risks of an intervention by the Japanese authorities remain high, but the wide divergence between the Bank of Japan’s (BoJ) interest rates and those of the major central banks poses a heavy weight on the JPY. More so with Oil prices bouncing up and pressuring global central banks to tighten their borrowing costs.
Technical Analysis: RSI divergence hints at a potential correction
GBP/JPY trades at 217.60, with Elliott Wave analysis suggesting that the pair might be on the fifth and last wave of a bullish cycle. The Pound has pulled back from the 127.2% Fibonacci extension of the fourth wave, at 218.00, and the bearish divergence in the four-hour Relative Strength Index suggests that some consolidation or a corrective reversal might follow from here.
Bears, however, should break the July 7 lows, at 216.35, to confirm that the bullish cycle has completed. In that case, the early July trading floor, near 214.65, would emerge as the next target.
The broader bias, on the other hand, remains positive, and bulls might attempt a further rally, heading for the 261.8% Fibonacci extension of the mentioned rally, at 218.90. Furter appreciation seems off the cards right now.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Japanese Yen Price Today
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Canadian Dollar.
USD
EUR
GBP
JPY
CAD
AUD
NZD
CHF
USD
-0.08%
-0.00%
-0.08%
0.05%
-0.05%
-0.59%
-0.12%
EUR
0.08%
0.08%
0.00%
0.12%
0.05%
-0.49%
-0.03%
GBP
0.00%
-0.08%
-0.09%
0.05%
-0.03%
-0.56%
-0.11%
JPY
0.08%
0.00%
0.09%
0.11%
0.06%
-0.51%
-0.04%
CAD
-0.05%
-0.12%
-0.05%
-0.11%
-0.07%
-0.61%
-0.15%
AUD
0.05%
-0.05%
0.03%
-0.06%
0.07%
-0.53%
-0.08%
NZD
0.59%
0.49%
0.56%
0.51%
0.61%
0.53%
0.46%
CHF
0.12%
0.03%
0.11%
0.04%
0.15%
0.08%
-0.46%
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).
The Pound to Dollar exchange rate (GBP/USD) slipped back from 20-day highs near 1.3400 as renewed Middle East tensions encouraged investors to rotate back into the US Dollar.
Despite the pullback, Sterling remained relatively resilient, with markets continuing to favour the Pound on improving UK sentiment while awaiting fresh clues on the Federal Reserve’s policy outlook.
GBP/USD Forecasts: Retreat from 20-Day Highs
After hitting 20-day highs at 1.3400 on Tuesday, the Pound to Dollar (GBP/USD) exchange rate has retreated to below 1.3350, although overall selling has remained limited.
The dollar gained support from a slide in risk appetite amid fresh fears surrounding Middle East developments while equities moved lower which curbed potential Pound support.
Jane Foley, head of FX strategy at Rabobank commented; “The USD has reacted, but the market has learnt to take Trump’s comments with a pinch of salt. The remarks may be meant to bring the opposition to the table. Nevertheless, they will raise anxiety levels another notch.”
Immediate support comes in just above 1.3300. According to UoB; “Upward momentum has slowed with the pullback, and a breach of 1.3315 would indicate that the advance in GBP has come to an end.
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Scotiabank is still relatively positive on the Pound outlook; “The recovery in UK-US spreads is offering fundamental support to the GBP, and compounding the sentiment-related strength observed in response to the market’s favourable assessment of the current UK leadership transition.
It added; “The recovery looks to have stalled around 1.34, with clear resistance offered by both the 50 and 200 day MA’s. We remain bullish however, and look to an extension of the GBP’s gains toward 1.36.”
Minutes from June’s Federal Reserve meeting will be released on Wednesday.
According to ING; “Based on post-meeting communication, we see limited risk of a dovish surprise in the minutes. We expect a cementing of the hawkish message to firm up dollar momentum.”
It added; “although we don’t expect it to lead to a break higher as markets may be reluctant to reprice rate expectations aggressively higher after the soft jobs report.”
Danske Bank is still backing Fed rate hikes; “Our base case is still that the Fed will remain on hold in July, but hike twice later, in December and March respectively.”
MUFG is less positive on the dollar outlook; “The CPI data next week will be key for the July FOMC. But the prospects look good to us that next week should convey signs of the start of disinflation.”
It added; “Leveraged Funds have turned very long dollars very quickly with the flow of data not particularly compelling in backing that up while Warsh’s tag as a hawk is also not well backed up. Sentiment and positioning could well turn quickly if next week’s CPI data is softer and Fed Chair Warsh fails to live up to his hawkish tag at his first semi-annual testimony.”
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The Euro to Dollar (EUR/USD) exchange rate has steadied near 1.1425 after recovering from June’s lows, although Rabobank believes the single currency has lost much of the momentum that drove its rally earlier this year.
The bank expects EUR/USD to trade broadly sideways over the next one to three months before regaining a modest upward bias later in the year.
Rabobank argues that optimism surrounding Germany’s decision to loosen its debt brake has faded as investors refocus on weaker Eurozone growth, higher energy costs and lingering competitiveness challenges.
According to the bank, last year’s fiscal shift in Germany “was no panacea”, with structural reforms still needed to tackle sluggish productivity and weak long-term growth.
Rabobank also notes that markets are already fully priced for another European Central Bank rate increase this year, limiting the Euro’s ability to gain further support from monetary policy.
While the US Dollar continues to benefit from a resilient economy, the bank believes expectations for additional Federal Reserve tightening have become excessive and should gradually unwind.
Even so, Rabobank expects investors to remain reluctant to rebuild large long Euro positions in the coming months after the currency’s strong performance over the past year.
The bank believes investors will remain cautious in the near term. According to Rabobank, “the market is likely to be reluctant to rebuild large, long positions in the EUR in the months ahead.”
However, it also argues that expectations for further Federal Reserve tightening have become excessive. As the bank puts it, “we expect sideways trading in EUR/USD on a 3-month view and a modest upward bias to emerge in the currency pair on a 3-to-6-month view.”
Platinum price formed some bearish waves, to settle below $1605.00 level, attempting to settle again within the minor bearish channel’s levels, to confirm the continuation of the previously suggested bearish scenario, recording initial negative target at $1570.00.
Providing negative momentum by the main indicators will increase the chances of attacking $1530.00 barrier, and surpassing it will open the way for reaching extra stations that are represented by $1510.00 reaching $1445.00
The expected trading range for today is between $1510.00 and $1630.00
The EURJPY pair kept its positive stability above 184.80 level, forming a new bullish rally and achieving 185.70 level, which forces it to form some sideways trading due to its fluctuation below 185.85 barrier.
By the above image, we notice the attempt of stochastic to reach the overbought level, providing a chance for renewing the pressure on the current barrier, where surpassing it will confirm its readiness to record extra gains by its rally towards 186.20 and 186.60.
The expected trading range for today is between 185.25 and 186.20
The British pound has gone back and forth on Wednesday, as the US interest rates continue to rise after the US attack on Iran.
GBP/USD
The British pound has gone back and forth during the course of the trading session here on Wednesday as we are hanging around the 50-day EMA. The 200-day EMA also offers a pretty significant barrier as well, so I think it does make a certain amount of sense that we find ourselves going back and forth.
What I do find interesting here, though, is that despite the fact that interest rates have climbed in the United States, the pound is slightly positive going into the end of the session. That makes a certain amount of sense due to the fact that UK rates are higher than most others, including the US, but I also recognize that we are in an area of high traffic.
The Pound as a US Dollar Barometer
I still like the idea of buying the US dollar in general, and I like the idea of using this market as a bit of a barometer of US dollar strength. If we start to fall apart here, that means we’re going to crater in many other markets, such as the New Zealand dollar, the Australian dollar, places that have no business strengthening against the US dollar in a strong greenback environment.
That being said, if this market does recapture the 1.34 level, then you would have to assume that the pound sooner or later tries to get back to the 1.35 level. When you look at the pound, we’ve been in a range since basically the spring of 2025, with a throw over in each direction, and right now we are trying to get to the middle, which would be the 1.35 level.
So, unless the US dollar really takes off against everything and there’s some type of massive risk problem out there, I do think eventually we will find our way up there. But I use this chart not to trade, but to decide what to do with the US dollar against so many other currencies. So, the pound is definitely something you want to be watching.
Christopher Lewis is a technical analyst and market commentator at DailyForex with more than two decades of trading experience in Forex and other leveraged markets. Based in Columbus, Ohio, he specializes in chart-based analysis of major currency pairs, stock indices, commodities, and energy markets, focusing on clear support and resistance levels, trend structure, and risk management. Christopher produces daily written and video analysis for traders who rely on technical setups to navigate volatile market conditions
As seen on:Pairs Of Aces Podcast,The Trader Guy, FXEmpire
