GBP/JPY jumps back closer to mid-162.00s, bulls flirt with the key 200-day SMA – by hareshmenghani GBPJPY RiskAppetite BOJ BOE Currencies
action on Tuesday. The momentum remains uninterrupted through the mid-European session and lifts spot prices back closer to a technically significant 200-day Simple Moving Average , around the 163.40 region in the last hour.
A modest recovery in the global risk sentiment - as depicted by a generally positive tone around the equity markets - undermines the safe-haven Japanese Yen and acts as a tailwind for the GBP/JPY cross. The JPY is further pressured by speculations that the Bank of Japan will stick to its dovish stance to support the fragile domestic economy.
will hike interest rates again later this month. The mixed UK employment details released earlier this Tuesday did little to push back against bets for additional policy tightening by the BoE. In fact, the UK Office for National Statistics reported that the jobless rate held steady at 3.7% during the three months to January and the number of people claiming unemployment-related benefits fell for the second straight month in February, offsetting a slight slowdown in wage growth figures.
That said, a strong pickup in demand for the US Dollar is seen weighing on the Sterling Pound and might keep a lid on any further gains for the GBP/JPY cross, at least for the time being. The aforementioned fundamental backdrop, however, favours bullish traders and suggests that the path of least resistance for spot prices is to the upside. Hence, any meaningful dip might continue to attract fresh buyers and is more likely to remain limited.
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