GBPJPY Claims to Historic high

Jul 17

The GBPJPY pair has rallied to a new 16-year high, currently trading around 205.644. This surge follows better-than-expected UK GDP data, which has bolstered the Pound Sterling. The Bank of England's cautious approach to cutting interest rates adds further support to this bullish momentum. On the other hand, despite a significant rise in Japan's PPI inflation in June, the Bank of Japan is not expected to raise rates aggressively, weighing on the Yen. Key levels to watch include a resistance zone between 206.601 and 206.889, with potential support around 204.304 in case of a correction. Analysts suggest the pair could continue its upward trend, potentially reaching 210 or higher. Watch for any signs of intervention from the Bank of Japan, which could introduce short-term volatility.