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Bullish currency pair Pound-Yen runs out of steam at 167.36; currently at 167

27 April 2023

GBPJPY

GBP/JPY is on a bit of a rollercoaster today: spiking to 167.36 only to drop back to 166.55, now rallying again to 167.

At the same time, United Kingdom Labour Productivity (Q4) released yesterday at 08:30 UTC with a figure of 0.4, while the previous figure was -0.2.

Other currencies are also rising as USD/CHF is up 0.4% to 0.8943.

While Pound-Yen is up today, these currencies are lagging behind: EUR/NZD is down to 1.7945, losing 95 pips, after closing at 1.8041 in the preceding trading session. EUR/CAD is trading around 1.4992 (down 55 pips).

Furthermore, the market is looking at Japan BoJ Monetary Policy Statement is expected tomorrow at 03:00 UTC. Japan BoJ Outlook Report (YoY) will be released tomorrow at 03:00 UTC. Japan BoJ Press Conference set for tomorrow at 05:00 UTC.

The currency pair has been trending positively for about 2 months. After setting a supportive marker at 144.6 around 6 months ago, Pound-Yen is now trading 15.18% above this level.

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