GBP/JPY struggles to extend gains as it approaches a dense resistance cluster near 213, with technical indicators suggesting a weakening trend.
GBP/JPY trades around 212.44, up 0.09% on the day, with a modest bullish bias, but momentum is capped by a dense resistance band at 212.90-213.03 (61.8% Fibonacci, 200-day and 100-day SMAs) and a weak ADX near 17. Bullish and bearish forces largely offset, so no material directional shift is expected. A break above 213 or below 211.76 would set the next direction.
The GBP/JPY cross maintains a modest bullish bias, trading at 212.44 with a 0.09% gain on Tuesday. Despite positive momentum indicators, the pair faces significant overhead resistance between 212.90 and 213.03, encompassing key Fibonacci levels and moving averages.