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GBPJPY NEWS : GBPJPY sticks to modest intraday gains above mid-161.00s, lacks bullish conviction

TODAY GBPJPY SIGNAL

GBPJPY NEWS : GBPJPY sticks to modest intraday gains above mid-161.00s, lacks bullish conviction

  • GBP/JPY gains some positive traction on Tuesday, albeit lacks follow-through buying.
  • Weaker Japanese Manufacturing PMI undermines the JPY and lends some support.
  • Expectations that the BoE rate-hiking cycle is nearing the end cap any further gains.
  • Traders also seem reluctant ahead of the nominated BoJ Governor Ueda’s testimony.

GBPJPY NEWS : The GBP/JPY cross edges higher for the third straight day on Tuesday and sticks to its mildly positive bias through the early European session. The cross is currently placed just above the 161.50 area and remains well within the striking distance of a nearly two-month high touched last week.

The Japanese Yen (JPY) weakens a bit in reaction to mixed domestic data and turns out to be a key factor lending some support to the GBP/JPY cross. In fact, the flash Manufacturing PMI fell more-than-expected, to 47.4 in February, offsetting a rise in the service sector activity. That said, looming recession risks, along with geopolitical tensions, help limit losses for the safe-haven JPY.

GBPJPY NEWS : Apart from this, expectations that the Bank of England’s (BoE) current rate-hiking cycle is nearing the end undermines the British Pound and contributes to capping the upside for the GBP/JPY cross. Traders also seem reluctant to place aggressive bets and prefer to wait on the sidelines ahead of the newly nominated head of the Bank of Japan (BoJ) Governor Kazuo Ueda’s testimony on Friday.

Market participants will closely scrutinize Ueda’s view on the future of yield curve control (YCC) and super-easy monetary policy. This will play a key role in influencing the JPY and provide a fresh directional impetus to the GBP/JPY cross. In the meantime, Tuesday’s release of the flash UK PMI prints for February might provide some impetus and allow traders to grab short-term opportunities.

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FIRST CAPITALS brand is authorized and regulated in various jurisdictions.

First Capitals Limited (www.First Capitals.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614. The company is also registered with the Financial Conduct Authority of the UK with number 600475.

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Exinity Limited is a member of Financial Commission, an international organization engaged in a resolution of disputes within the financial services industry in the Forex market.

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Regional restrictions: FIRST CAPITALS brand does not provide services to residents of the USA, Mauritius, Japan, Canada, Haiti, Suriname, the Democratic Republic of Korea, Puerto Rico, Brazil, the Occupied Area of Cyprus and Hong Kong. Find out more in the Regulations section of our FAQs.

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