GBP/JPY Holds Steady at 218 as Bulls Eye 219 Breakout

The GBP/JPY has found its floor at around 218.00 after sellers failed to drive the cross-pair below it, despite breaking a key support trendline three days ago.

One reason for sellers' weakness is speculation that the Bank of England could raise rates, which could favor some upside.

However, the GBP/JPY has failed to gain traction above 219.00 amid speculation of Japanese Yen intervention to strengthen the Japanese Yen.

A bullish harami pattern suggests buyers may retest 219.00 resistance, but for a continuation of this trend, the cross-pair must clear 219.00 and its year-to-date high at 219.61.