GBP/JPY Price Forecast: Struggles at 217.00, recoils towards 216.50
The post GBP/JPY Price Forecast: Struggles at 217.00, recoils towards 216.50 appeared on BitcoinEthereumNews.com. The GBP/JPY reverses course on Tuesday, loses 0.24% as the Japanese Yen recovered some ground against most G8 FX currencies, except for the US Dollar. At the time of writing, the cross-pair trades at 216.51 after reaching a multi-year high of 217.22. GBP/JPY Price Forecast: Technical outlook The bullish bias remains intact as the GBP/JPY printed a year-to-date (YTD) high at 217.22, which could open the door for further upside. However, it was a false breakout, as the cross pair tumbled below the previous YTD peak at 216.46, opening the door for a test of 216.00. Fears of a possible Bank of Japan (BoJ) intervention in the foreign exchange markets could prompt traders to book profits. For a bullish continuation, buyers must clear the 217.00 figure, followed by the high of the day (HOD) fof 217.22 ‒ also the high of the year, which clears the way to challenge 218.00. On furthe