The GBP/JPY reached a new high above 193.60, its highest in nine years, signaling a strong Pound Sterling and a weakening Japanese Yen. The Bank of Japan (BoJ) is closely monitoring the situation and may intervene to stabilize the Yen’s depreciation.
The Pound Sterling saw a boost after the UK Services Purchasing Managers Index (PMI) exceeded expectations, signaling a positive economic outlook. Japan’s Tokyo Consumer Price Index (CPI) inflation is expected to remain steady at 2.6%.
The GBP/JPY technical outlook remains bullish, with the pair breaking through barriers and continuing to climb. The 200-day Exponential Moving Average has provided support, leading to an 8% increase since the beginning of the year.
Overall, the GBP/JPY is on an upward trend, supported by strong technical factors and market dynamics.