The British pound climbed roughly 0.50% against the Japanese yen on Thursday, spurred by a boost in risk appetite after US President Donald Trump remarked that Iran was seeking a deal. At the moment, GBP/JPY is trading at 217.76, close to its peak for the year.
GBP/JPY Price Forecast: Technical Outlook
In February 2008, GBP/JPY hit an 18-year high, setting it up to potentially challenge the monthly high from January 2008.
The current price action suggests that the market is responding to a set of highs and lows, indicating there may be continued upward movement. The buyers hold momentum, as evidenced by the Relative Strength Index (RSI), which is trending towards overbought territory—hinting at more upside potential.
The first resistance level for GBP/JPY sits at 218.00. If this level is surpassed, it could pave the way to test significant psychological thresholds like 219.00, 220.00, and the January 2008 high of 222.76.
On the flip side, if Japanese authorities intervene in the foreign exchange market, the daily low from July 7 at 216.38 might act as the initial support level, potentially leading to further declines. Should prices drop below this, the next support level to monitor would be around 216.00. In the case of continued weakness, keep an eye on the descending resistance trendline, which may turn into support in the 214.70-215.00 zone.
GBP/JPY price chart — daily
This week’s Japanese yen price
The following table shows the percentage change of the Japanese yen (JPY) against major currencies this week, with the yen performing strongest against the Swiss franc.
| USD | EUR | GBP | JPY | CAD | australian dollar | new zealand dollar | swiss franc | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.06% | -0.46% | 0.65% | -0.17% | -0.08% | -0.82% | 0.44% | |
| EUR | -0.06% | -0.54% | 0.58% | -0.24% | -0.10% | -0.91% | 0.34% | |
| GBP | 0.46% | 0.54% | 1.02% | 0.29% | 0.42% | -0.36% | 0.88% | |
| JPY | -0.65% | -0.58% | -1.02% | -0.84% | -0.61% | -1.45% | -0.24% | |
| CAD | 0.17% | 0.24% | -0.29% | 0.84% | 0.21% | -0.61% | 0.58% | |
| australian dollar | 0.08% | 0.10% | -0.42% | 0.61% | -0.21% | -0.81% | 0.43% | |
| new zealand dollar | 0.82% | 0.91% | 0.36% | 1.45% | 0.61% | 0.81% | 1.25% | |
| swiss franc | -0.44% | -0.34% | -0.88% | 0.24% | -0.58% | -0.43% | -1.25% |
This heat map illustrates percentage changes between major currencies. The base currency is in the left column, while the quote currency is at the top. For instance, if you choose the Japanese Yen from the left and move to USD horizontally, the displayed percentage change reflects JPY (base)/USD (estimate).
