The GBP/JPY pair continues to climb to new highs as the Japanese Yen keeps weakening. Japanese officials are expressing concerns about the Yen’s decline, but so far, there have been no significant changes in policy. The pair briefly dipped before reaching a new 16-year high.
This week, there will be important data releases for both Japan and the UK, including Retail Trade figures for Japan and the Bank of England’s Financial Stability Report. Yen pairs will also be watching for the Japanese Tokyo Consumer Price Index and the UK’s GDP revision.
From a technical standpoint, GBP/JPY faces little resistance as it continues to rise steadily. Daily candlesticks show consistent gains, with the pair up 13% in 2024. The hourly and daily charts indicate a strong upward trend for GBP/JPY.