GBP/JPY Bulls Eye the 200.00 Break: Can the Pound Outrun the Weak Yen?
GBP/JPY continued its upward move for the third straight day, staying close to its highest level since July 2024. Traders are watching closely as the pair tests the important psychological level of 200.00 ahead of key UK economic data. Bulls are trying to keep control, but the next move will depend on how the upcoming numbers shape market sentiment.
The Japanese Yen remains weak because investors are uncertain about the Bank of Japan’s next policy steps. Concerns over when the central bank might cut interest rates are keeping pressure on the Yen. At the same time, the positive risk sentiment in global markets is limiting demand for the safe-haven currency.
On the other side, the British Pound is finding strong support. Hopes that the Bank of England will delay any immediate interest rate cuts, along with a weaker U.S. Dollar, are pushing GBP higher against JPY. Forex traders are now looking at whether the Pound can break past 200.00 and confirm a stronger bullish trend.
From a technical view, the pair needs to hold firmly above 200.00 and break the recent high near 200.35 for further gains. If this happens, levels like 200.75, 201.00, and even 201.60 could come into play. But if it fails to hold, downside support appears around 199.25, 199.00, and possibly 198.40.
Impact :
GBP/JPY could climb above 200.00 if UK data comes in strong. However, a slip under 199.00 might signal weakness and bring more downside pressure.
