GBP/JPY Reaches New Highs Despite Mixed UK Employment Data

The British Pound (GBP) continued its upward trend against the Japanese Yen (JPY), reaching a high of 216.00 on Tuesday and extending gains for the third consecutive day.

This comes despite mixed UK employment figures, which showed that the ILO Unemployment Rate remained steady at 4.9% in June, contrary to expectations of a decline to 4.8%.

The Yen has been under pressure since soft Japanese GDP data was released on Monday, which indicated slower economic growth in the second quarter and may hamper the Bank of Japan's plans for monetary tightening.

Bulls remain in control, with the Relative Strength Index (14) nearing overbought levels, suggesting that the rally might be overstretched.