GBP/JPY drifted into a new 34-year high above 200.
GBP/JPY breached 200.60, setting a fresh 34-year high. Thin UK data leaves GBP free to drift higher against the Yen. Japanes Tokyo CPI inflation due on Friday. 60 on Tuesday as Yen pairs continue to pare away JPY strength following suspected “Yenterventions” from the Bank of Japan and Japanese Minstry of Finance who overspent nine trillion Yen on miscellaneous financial operations and is broadly assumed to have intervened directly in global markets in an attempt to shore up the battered Yen.
Markets remain unsure of when the BoE will deliver much-hoped for rate cuts. Previous hopes for a June rate cut have evaporated, and investors are looking for signs that the BoE will make a first rate trim in September. GBP/JPY technical outlook The Guppy has traded entirely one-sided since drooping to a near-term low near 191.50. The pair has 4.8% since the beginning of May, and is poised for further gains into multi-decade highs.
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