GBP/JPY rose from base-building in the ¥215 range to the ¥217 range, with buying back prevailing throughout the week. It reached a high of ¥217.17 at the weekend and is currently trading in the ¥217 range.
From around ¥215.50 on Monday the 17th last week, GBP/JPY briefly pulled back to ¥214.83, but buying interest quickly emerged and drove a V-shaped recovery into the upper ¥215 range.
From Thursday the 20th, the market broke above the ¥216.00 threshold and extended its gains, surging temporarily to ¥217.05 on Friday the 21st. It closed the week around ¥216.80, providing momentum for the week ahead.
Buying on dips remained dominant from Monday the 24th, and the market set a new weekly high of ¥217.17 overnight. As of midday on the 25th, it continued to trade around ¥217.10.
Technically, GBP/JPY has returned to its rising channel after forming a second bottom in the upper ¥214 range. With support at ¥216.50–¥216.80 providing a firm floor, the market is expected to remain in a phase of continuing to test the upside in the ¥217 range.