GBP/JPY Bulls Eye 217.00 Resistance Ahead of UK GDP Release

The British pound against the Japanese yen has shown renewed bullish momentum as it reclaimed its 50-day simple moving average (SMA). This technical development has set its sights on the 217.00 level, which is currently a key resistance point for the pair.

A close above the 50-day SMA often signals bullish pressure in medium-term trading, and this move is supported by a bullish crossover on the daily MACD indicator. The RSI (14) sits near 58, indicating room for further gains before reaching overbought conditions.

The pound has found support from expectations that the Bank of England will maintain a more hawkish stance compared to the Bank of Japan. Recent UK inflation data has remained sticky, prompting traders to price in fewer rate cuts this year. Meanwhile, the yen continues to be pressured by the Bank of Japan's ultra-loose monetary policy, which remains unchanged despite intervention warnings from Japanese authorities.

Traders will be watching key resistance levels at 216.50 and 217.00 closely, with a decisive break above 217.00 potentially opening the door towards the 218.50 region. On the downside, support is seen at 215.20 (50-day SMA) and 214.00, where the 100-day SMA converges with a trendline.