FX.co ★ GBP/JPY

Not as confidently as one would like, but buyers are pushing GBPJPY higher. The 212.50 level has been passed, which means it can move up to 214.05 and 215.65. After successfully consolidating above 215.65, the rise can continue to the next targets: 216.40, 217.20, 217.95 and 218.75. Of course, the situation should be assessed as it unfolds, but we cannot rule out that buyers will not stop there and will continue moving up by another few hundred points. This is not a fast path, but it is realistic. Naturally, the potential for a large-scale GBPJPY rally will depend on the Japanese authorities, who can easily adjust the move. Pullbacks down are possible, but even if the price is pushed back to 210.95 or 209.50, this will not cancel the uptrend; instead, it will give an opportunity to enter long positions at a better price.