GBP/JPY remains range-bound in the upper ¥210s. As yen moves continue against the backdrop of expectations for a hawkish BOJ, the pound has maintained a broadly flat trend.
GBP/JPY rose to ¥211.334 at one point from the previous trading day, then fell to ¥210.287 during the day. It stood at ¥210.560 during Tokyo hours and ¥210.743 as of 7:30 a.m. The previous day's close was ¥210.871, little changed. While the yen is moving against the backdrop of expectations for a BOJ rate hike, GBP/JPY lacks a clear direction despite its wide trading range.
On a daily-chart basis, the pair is judged to be in a range-bound market, with the RSI at 53.5, indicating neutral conditions. The current price is above the 20-day moving average, while the 75-day and 200-day lines are above it, suggesting limited medium- to long-term upside. Resistance levels are around ¥211.274 and ¥211.983, while support is around ¥209.556 and ¥209.117. ATR is 121.7 pips, indicating relatively large intraday swings.
The one-hour chart also shows a range-bound market, with the RSI at 47.8. The current price is above the 20-hour line. Short-term rebounds are weak, while downside support is firm. The 15-minute chart has a slight downside bias, with support at ¥210.675–¥210.659 the key focus. The order book shows numerous sell limit orders around ¥212.0, and buying pressure could strengthen if buy stops accumulate.
Among the eight major currencies, including the pound and yen, the yen is strong, while the pound is showing a slightly extended sideways trend. Over the past week, the pound has been relatively weak and the yen relatively strong. GBP/JPY is expected to move up and down depending on BOJ developments and economic data from Europe and the United States.
On 2 November, the United Kingdom is scheduled to release the revised October manufacturing PMI. The forecast is 52.8, unchanged from the preliminary reading. The United States is scheduled to release the ISM manufacturing index late the same night, which could also affect USD/JPY.