The GBP/JPY cross meets with a fresh supply following an Asian session uptick to levels just above the 198.00 mark and reverses a major part of the previous day's move up.
GBP/JPY attracts fresh sellers on Tuesday and is pressured by a combination of factors. Intervention fears underpin the JPY, while a bullish USD continues to weigh on the GBP. The BoJ uncertainty and the BoE’s hawkish tilt could limit losses ahead of UK jobs data. The GBP/JPY cross meets with a fresh supply following an Asian session uptick to levels just above the 198.00 mark and reverses a major part of the previous day's move up. Spot prices currently trade around the 197.
In the meantime, speculations that Japanese authorities might intervene in the FX market to prop up the domestic currency, along with fears about US President-elect Donald Trump's protectionist tariffs, underpin the Japanese Yen and exert pressure on spot prices. Any meaningful JPY appreciating move, however, seems elusive on the back of uncertainty over the Bank of Japan's rate-hike plans.
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