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GBP/JPY edges higher, set to test 218.01

The cross rose to 217.04, putting it near its year to date high of 218.01, with upside capped for now by speculation of possible Japanese intervention.

Reported · Written up by our desk · Major Pairs

The GBP/JPY pair climbed on Tuesday, gaining more than 0.12% to 217.04 as the cross looks poised to test its year to date high at 218.01, according to FXStreet.

FXStreet said GBP/JPY has cleared the April 30 daily high of 216.60 and is consolidating within a 217.00 to 218.00 range, with technical momentum showing buyers in control.

The outlook turns cautious as FXStreet noted speculation that Japanese authorities could intervene in the currency market, which may limit fresh long positioning even with further upside suggested by the Relative Strength Index.

If GBP/JPY pushes through 218.00, FXStreet expects a challenge of 218.50 and then 219.00, while the first support is seen at 217.00, followed by 216.60 and the 216.00 and 215.00 levels.

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