GBP/JPY Price Forecasts: Bulls might find resistance at the 209.65 area

💡 DMK Insight

The GBP/JPY pair is showing resilience, bouncing back from a near two-week low, and here’s why that matters: Traders should pay attention to the psychological level of 209.00, which could act as a pivot point. A sustained move above this level might signal a bullish reversal, especially if the pair can maintain momentum. The recent bounce from 207.60 indicates buying interest, but the broader context of economic data releases and central bank policies will play a crucial role in determining the next move. Keep an eye on any news from the Bank of England or the Bank of Japan, as shifts in monetary policy could lead to increased volatility. On the flip side, if GBP/JPY fails to hold above 209.00, it could trigger further selling pressure, potentially revisiting the 207.60 support. Watch for trading volume around these levels; higher volume on a breakout could confirm a trend shift, while low volume might suggest a lack of conviction. Overall, the next few sessions will be critical for gauging market sentiment and positioning ahead of any major economic announcements.