GBP/JPY trades with modest intraday gains around 161.00, lacks bullish conviction – by hareshmenghani GBPJPY BOJ BOE Recession Currencies
around the 161.00 mark through the early European session and for now, seems to have snapped a two-day losing streak.under new Bank of Japan Governor Kazuo Ueda, which, in turn, lends support to the GBP/JPY cross. Investors have been speculating that Ueda will dismantle the yield curve control easing mechanism.
Apart from this, a generally weaker tone around the equity markets - amid looming recession risks - benefits the safe-haven JPY and further contributes to capping the GBP/JPY cross. Hence, it will be prudent to wait for some follow-through buying before positioning for the resumption of the recent positive trend witnessed over the past two weeks or so. Nevertheless, spot prices remain on track to register first weekly gains in the previous three.
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