GBP/JPY Under Bearish Pressure as Yen's Appeal Grows

The GBP/JPY currency pair has been trading at ¥215.37, experiencing a modest intraday decline. The pair remains below its key moving averages, indicating persistent selling pressure in both short and medium terms.

One major factor influencing the yen's appeal is the recent rise in Japan's 10-year government bond yield to 3% for the first time since 1996. This shift has heightened pressure on Japanese authorities to accelerate interest rate hikes, altering interest rate differentials and affecting currency valuations.

The bearish momentum dominates, with major resistance at ¥216.06 and oversold signals from various indicators. The Ichimoku Kijun level at ¥216.06 serves as immediate resistance, while the MACD and ADX indicate ongoing bearish strength.