Forex
GBP/JPY Bulls Eye 217.00 Resistance Amid BoE-BoJ Policy Divergence
The British pound is continuing its upward trend against the Japanese yen, with the GBP/JPY pair targeting the 217.00 level as its next key resistance.
The pair has been in a steady uptrend, with buyers consistently defending higher lows on the daily chart.
The recent breakout above the 215.00 handle has opened the door for a move toward 217.00, which previously acted as resistance.
The interest rate differential between the UK and Japan is driving the pound's strength against the yen, with the Bank of England maintaining a hawkish stance while the Bank of Japan keeps policy ultra-loose.