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fxJul 1, 2026, 10:16 PM

GBP/JPY breaks range, targets 216 as RSI turns bullish

The Pound Sterling is rising against the Japanese Yen, breaking out of a trading range with RSI signaling bullish momentum, targeting 216 despite intervention threats from Japanese authorities.

GBPJPY

The GBP/JPY pair rose 0.17% on Wednesday, trading at 215.93 as bulls push toward the 216 level. The move comes after a period of range-bound trading, with the Relative Strength Index (RSI) now indicating bullish momentum.

Japanese authorities have repeatedly threatened to intervene in the foreign exchange market to support the Yen, but so far those warnings have not halted Sterling's advance. The pair continues to grind higher, with traders eyeing the next resistance around the 216 mark.

Technical indicators remain constructive, and a sustained break above the recent range could open the door for further gains. However, any actual intervention by the Bank of Japan or Ministry of Finance could quickly reverse the trend.

Source: FXStreet Forex News