GBP/JPY continues its march higher as the Japanese Yen slumps across the board.
GBP/JPY chalks in a fresh multi-year high of 202.73 on Tuesday. Guppy on pace for a sixth straight month of gains. FX markets continue to sell off the Yen broadly. Buried beneath irreversible market flows, the Bank of Japan remains stubbornly planted in a hyper-easy monetary policy stance. Attempts to verbally talk the Yen back up, up to and including veiled threats of direct market intervention, have done little to stem the tide of short pressure built up in JPY markets.
GBP/JPY technical outlook The Guppy ticked into a fresh 16-year high on Tuesday, clipping 202.73. The pair is on pace to close flat or higher for the seventh consecutive trading day, and GBP/JPY has risen over 6% from mid-May. GBP/JPY has traded well north of the 200-day Exponential Moving Average at 198.86, rising nearly 13.5% bottom-to-top in 2024.
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