GBP/JPY Pokes Above 165.00, Where To Next?
Description: GBP/JPY is picking up on bullish momentum at above 165.00 after touching 165.46, a level last seen in the previous week on Wednesday in Asia. The uptrend is due to broader weakness in the Japanese yen.
The Bank of Japan (BOJ) is determined to improve its economy and is focusing on maintaining an inflation rate above 2%. However, the Japanese yen is falling due to the ultra-loose interest rates by the BOJ and the unlimited buying of Japan Government Bonds (JGB) to keep yields lower. On the UK front, the people are facing the headwinds of lower Average Hourly Earnings and a higher inflation rate.
Looking ahead this week, traders shift their attention to Friday's Japan Unemployment Rate, Tokyo Core CPI, Retail Sales, and Consumer Confidence data for fresh price actions.
Disclaimer: Any information contained in this post is provided as general market information for educational purposes only, and does not constitute investment advice.
