GBP/JPY Surpasses 18-Year Peak Amid Strong Bullish Momentum

The British Pound has climbed to an 18-year high against the Japanese Yen, posting gains exceeding 0.77% as the GBP/JPY pair breaches the previous year-to-date (YTD) high of 216.60. The cross has now surpassed the 217.00 threshold for the first time since January 2008, with spot rates trading at 217.11.

GBP/JPY Technical Outlook

The GBP/JPY formed a ‘bullish harami’ pattern on Friday, a technical formation that historically signals potential upward continuation. After clearing the July 2 high of the day (HOD) at 216.08, the pair accelerated past the 217.00 mark, reinforcing the bullish trajectory.

The Relative Strength Index (RSI) maintains its upward trend, edging into overbought territory near the 70 level. This suggests the pair may experience short-term consolidation before resuming its upward movement.

Upside momentum remains intact, with the 217.50 level serving as the immediate resistance. A sustained break above this point could target the 218.00 figure, followed by the key psychological barrier at 220.00.

For a bearish reversal, the GBP/JPY would need to fall below the 215.00 psychological support, followed by the July 3 low of the day (LOD) at 214.72. Further downside could test the 50-day Simple Moving Average (SMA) at 214.09, and subsequently the 100-day SMA at 213.17.

GBP/JPY Chart – Daily

Japanese Yen Price This Week

The table below illustrates the percentage change of the Japanese Yen (JPY) against major global currencies this week. The Yen showed the strongest performance against the Canadian Dollar.

USDEURGBPJPYCADAUDNZDCHFUSD-0.02%-0.02%-0.02%0.02%0.01%-0.00%0.01%EUR0.02%-0.01%0.00%0.05%-0.01%-0.01%0.00%GBP0.02%0.00%0.02%0.07%0.01%0.02%0.02%JPY0.02%0.00%-0.02%0.03%-0.04%-0.03%-0.04%CAD-0.02%-0.05%-0.07%-0.03%-0.00%-0.06%-0.04%AUD-0.01%0.00%-0.01%0.04%0.00%0.00%-0.02%NZD0.00%0.01%-0.02%0.03%0.06%-0.01%-0.00%CHF-0.01%-0.01%-0.02%0.04%0.04%0.02%0.00%

The heat map reflects percentage changes of major currencies relative to one another. The base currency is selected from the left column, while the quote currency is chosen from the top row. For instance, selecting the Japanese Yen (JPY) from the left column and following the row to the US Dollar (USD) reveals the percentage movement representing JPY/USD performance.

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