The GBP/JPY pair aims to extend its upside towards the psychological resistance of 200.00 in Tuesday’s European session.
GBP/JPY strives to visit 200.00 ahead of key events in the United Kingdom and Japan . The BoJ is expected to keep interest rates steady at 0.25%. Investors await the UK budget to project Pound Sterling’s next move. The cross has shown a strong rally for over six weeks as the Japan ese Yen remains weak due to diminishing expectations that the Bank of Japan will hike interest rates again this year.
The BoJ has already raised its key borrowing rates by 35 basis points to 0.25% this year as inflationary pressures remain above 2% for a longer period. The central bank appears to be incapable of hiking them further amid growing doubts over sustainable economic growth. Market participants worry that the absence of a majority government in national elections could impact the growth prospects of the economy.
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