The GBP/JPY is seeing some topside action as the Pound Sterling (GBP) holds the high side against the Japanese Yen (JPY), but it’s been back-and-forth
in the G7, and continued rate hikes could threaten to tip the economy deeper into recession territory even as the BoE tries to plug the bleed from inflation.
The GBP/JPY is being helped by a receding Yen that is taking steps lower in the market as investors cool off after overextendedbrought on by rate-bullish comments from the Bank of Japan recently. The BoJ’s Governor Kazuo Ueda hit newswires last weekend cautioning that the BoJ could be on pace to reverse their long-standing negative rate policy if economic data points to the Japanese central bank maintaining their 2% inflation target in a meaningful way.
On the daily candlesticks, a descending minor trendline from late August’s high-water mark of 186.75 remains intact, and price action is getting squeezed by a rejection from the 50-day SMA near 183.00. If bids are able to congregate enough from this level, it will see a further leg up from the 50 SMA bounce, but further downside will see fresh challenges from the 100-day SMA currently parked near the 179.00 handle.
The Pound Sterling has consolidated against the Yen on a weekly basis for a month, with lows testing deeper waters, and with the GBP/JPY well-extended from 2023’s opening lows near 156.00, a downturn could see the pairing settle lower before long-term market forces re-establish the long-term bullish trend.
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