GBP/JPY Holds 218 Support, Bullish Harami Targets 219

GBP/JPY has been rotating around the 218 level for three straight days, finding solid support despite ongoing intervention fears from Japanese authorities. The formation of a bullish harami chart pattern suggests buyers are gathering momentum for a breakout above 219.

At the time of writing, the pair trades at 218.17. The immediate resistance lies at 219.00, while support remains anchored at the 218.00 floor. A sustained move above 219 could open the door toward 220, but any advance is likely to be limited by the risk of direct BoJ action.

Traders should watch for a close above 218.80 to confirm the bullish bias, as the pattern gains validity. Below 217.80, the outlook would turn neutral.