The GBP/JPY cross attracts some dip-buying in the vicinity of the weekly low, around the 196.85-196.80 region, and reverses a part of the previous day's losses.
GBP/JPY regains positive traction on Wednesday amid a modest JPY weakness. The BoJ rate-hike uncertainty, domestic political uncertainty undermine the JPY. Intervention fears help limit JPY losses and cap the cross ahead of BoE’s Mann. The GBP/JPY cross attracts some dip-buying in the vicinity of the weekly low, around the 196.85-196.80 region, and reverses a part of the previous day's losses. Spot prices, however, remain confined in a familiar range and currently trade around the 197.
Nevertheless, the mixed fundamental backdrop makes it prudent to wait for a sustained move in either direction to confirm the near-term trajectory for the GBP/JPY cross. Bank of Japan FAQs What is the Bank of Japan? The Bank of Japan is the Japanese central bank, which sets monetary policy in the country. Its mandate is to issue banknotes and carry out currency and monetary control to ensure price stability, which means an inflation target of around 2%.
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