GBPJPY soars to highest level in nearly 16 years, eyeing 200.00 resistance

The USDJPY has and continues to make new highs going back to 1990.

Today, the GBPJPY joined the USDJPY in making a new multi-year high. For the GBPJPY, it traded to its highest level since September 2008 (highest level in 2008 or nearly 16 years).

Looking at the monthly chart above, the price moved above the June 2015 high at 195.87. The high-price today has reached 197.0355.

Looking at the monthly chart above, the 61.8% retracement of the range since the 2007 high comes in at 199.808 (close to the natural resistance at 200.00).

This week, the GBPJPY rose 3.05% or 582 pips. Both of those represented the largest gain since the week of June 12, 2023.

If the USDJPY is on its way to 160.00. The GBPJPY can stretch up to 200.00 too, can’t it?.

This article was written by Greg Michalowski at www.forexlive.com.