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fxJul 23, 2026, 7:34 AM

GBP/JPY Holds Weekly Low as BoJ Hawkish Bets Support Yen

The GBP/JPY cross remains directionless, hovering above the weekly low near 218.15-218.20, as intervention fears and hawkish Bank of Japan bets continue to support the yen.

GBPJPY

The GBP/JPY cross is trading without a clear direction during Thursday's early European session, maintaining a position above the weekly low. The pair is currently hovering around the 218.15-218.20 range.

The yen is finding support from ongoing speculation about hawkish moves by the Bank of Japan, alongside persistent fears of currency intervention by Japanese authorities. These factors are capping any upside momentum for the British pound against the yen.

Traders remain cautious as the pair struggles to break out of its recent narrow trading band, with no clear catalyst to drive a decisive move in either direction.

Source: FXStreet Forex News