GBPJPY climbs above 17-year peak near 209.00
GBPJPY has regained traction today, extending its rebound from the 208.00 area – a level last seen in July 2024 – after an overnight pullback from just above the 209.00 mark, which is the highest level since August 2008. The move follows the BoE’s hawkish rate cut on Thursday, which supported the pound, while the BoJ’s widely expected rate hike failed to lift the yen.
The pair continues to trade within the bullish upward channel above the 20-day simple moving average (SMA) that started in mid-October, and is now testing the 209.00 hurdle. A sustained break above this level, and further above the upper Bollinger band located slightly above, could open the way toward the next key resistance zone, corresponding to 2008 highs, in the 212.00-215.00 area.
The momentum indicators maintain a positive outlook, albeit with caution. The RSI is trending higher above the neutral 50 level, while the MACD remains above zero but has slipped below its red signal line, suggesting a potential pause before further upside in the near term.
To the downside, a decisive break below 208.10 could increase the likelihood of a retest of the 20-day SMA near 207.26, followed by 206.50 and 205.30. Further losses could expose the 204.20 level, a key area populated with the lower Bollinger band, the 50-day SMA and the long-term ascending trendline drawn from April.
While GBPJPY remains underpinned by a long-term bullish structure, the pair is at a critical juncture. At this stage, a sustained move above 209.00 could pave the way for a retest of multi-year highs.
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