GBPJPY Recovers Above 215.00 as Yen Weakness Persists

As of June 5, GBPJPY has reclaimed the 215.00 level amid ongoing yen weakness driven by the Bank of Japan’s ultra-loose policy. The pair surged from above 191.00 on May 31 after hawkish BoE comments from Governor Bailey, decisively broke above 215.00 on June 2 on widening rate differentials, then retreated toward 214.00 by June 4 due to profit-taking and resurfacing intervention fears. It has since recovered, with immediate resistance at 215.50 and the next target near 216.00. Traders remain cautious of potential BoJ or MOF action that could trigger sharp reversals.