GBP/JPY advances to one-week high, further beyond 182.00 amid fresh JPY selling – by hareshmenghani GBPJPY BOJ RiskAppetite BOE Currencies
er for the second successive day on Monday. The momentum lifts spot prices to a one-week top, near the 182.20 area during the Asian session and is sponsored by the emergence of fresh selling around the Japanese Yen .
As investors look past the Bank of Japan's move to make its Yield Curve Control policy flexible, the prevalent risk-on mood undermines the safe-haven Japanese Yen and acts as a tailwind for the GBP/JPY cross. It is worth recalling that the BoJ said on Friday that the 0.5% cap on the 10-year Japanese government bond yield will now be"references" rather than"rigid limits" and that it would step in the markets at a yield of 1.0%.
Hence, traders are more likely to move to the sidelines ahead of the highly-anticipated BoE monetary policy meeting scheduled this week, on Thursday. The outcome will play a key role in influencing the Sterling and help investors to determine the next leg of a directional move. In the meantime, the aforementioned fundamental backdrop makes it prudent to wait for some follow-through buying beyond the 182.
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