USD/CHF Exchange Rate Today — Live Chart and Analysis

GBP/JPY surged to near 200 in mid-2024 on carry trade euphoria. Traders were borrowing cheap yen and buying higher-yielding sterling, pocketing the rate differential - and the strategy was wildly popular across retail communities in Thailand, Indonesia, Saudi Arabia, and Nigeria. The BoJ's surprise July 2024 rate hike triggered a violent reversal, with GBP/JPY falling nearly 20 figures in days as carry trades unwound globally. This single move wiped out months of gains for undercapitalised retail traders and is now a reference point in forex risk management discussions across Southeast Asian trading communities. Since then the pair has stabilised in the 188–195 range as the BoJ has hiked gradually to 0.75% while the BoE has cut gradually to 3.75%. In Q2 2026, GBP/JPY trades around 188–195. Both central banks are moving in the same direction - higher BoJ rates and lower BoE rates - which structurally pressures the pair lower over time. Key support: 183–185. Key resistance: 195–200 where carry trade rebuild tends to run into BoJ intervention risk.