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GBP/JPY rises toward 18-year highs as risk appetite improves

The pair was around 217.76, near year-to-date highs, with 218.00 flagged as the next resistance level.

Reported · Written up by our desk · Major Pairs

GBP/JPY gained about 0.5% on Thursday, with risk appetite improving after U.S. President Donald Trump said Iran reached out and wants to make a deal badly, according to FXStreet.

At the time of writing, the cross traded around 217.76, close to year-to-date highs and at levels last seen in February 2008, as price action continues to respect a sequence of higher highs and higher lows.

FXStreet said momentum remains supportive for additional upside, pointing to a bullish Relative Strength Index that is approaching overbought territory. It identified 218.00 as the first resistance level, followed by 219.00, 220.00, and the January 2008 high at 222.76.

On the downside, the outlet noted that potential intervention by Japanese authorities could trigger a deeper pullback, with first support at 216.38, then 216.00, and a broader support area around 214.70 to 215.00.

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