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GBP/JPY hovers near 218.50 as Japan market holiday limits moves
The pair trades at 218.69 and holds above 218.00, with Japan closed for Marine Day keeping yen volatility in tight ranges.
GBP/JPY was little changed on Monday, trading around 218.50 and holding comfortably above the 218.00 area, according to FXStreet. The pair was last quoted near 218.69, with its earlier long term high around 219.63 still within close reach.
FXStreet linked the steadier trading in sterling to investor positioning ahead of UK Prime Minister nomination expectations, noting markets are awaiting former Manchester mayor Andy Burnham. Burnham has said he would pursue responsible fiscal policy and pledged a 10 year plan to rewire the UK after the interview with The Times.
In Japan, markets were closed for the Marine Day holiday, a factor FXStreet said kept volatility low and the yen moving within tight ranges. The outlet also cited GBP/JPY technicals including a 4 hour RSI(14) around 58, suggesting buying interest, while MACD remains slightly negative.
Looking ahead, FXStreet said bulls appeared capped below 218.85, with attention on last week’s 219.63 high and a potential upside target near 220.45 if that level is exceeded. On the downside, initial support is seen around 218.15 where trendline and prior trading floor levels meet, with a drop below that zone potentially exposing the July 7 and 10 lows near 216.40.