After closing at 166.15 yesterday, GBP/JPY began today at 166.16 with significant bullish sentiment driving GBP/JPY's price action higher. So far today, price action has drawn out a distinct 165.5 to 166.67 range.
United Kingdom BoE Gov Bailey speech is next today at 15:00 UTC.
At the same time, Retail Sales in Japan fell short of market expectations (5%) with a reading of 4.3%, continuing the decline from the previous figure of 4.8%. Japan Jobs/applications ratio (Oct) came out at 1.35, while a consensus of analysts was expecting 1.35. Japan CFTC JPY speculative net positions released yesterday at 19:30 UTC with a figure of -64900.00000000001, while the previous figure was -65,800.
Other currencies are also rising as having closed the previous session at 0.6168, NZD/USD is up 1.03% today to currently trade at around 0.6232.
While Pound-Yen is up today, these currencies are lagging behind: EUR/NZD drops 0.77% to trade around 1.6636. USD/SGD is down 60 pips from the beginning of the session and now trades around 1.3729.
The market is looking forward to the release of new data: United Kingdom BoE Gov Bailey speech scheduled to come out today at 15:00 UTC. Japan Capital Spending (YoY) (Q3) is expected tomorrow at 23:50 UTC. Japan Industrial Production is projected to outperform its last figure with -1.5%, having previously been at -1.7%. The figure will be published today at 23:50 UTC.
Pound-Yen is now trading 14.9% away from its significant low of 144.6 first tested a month ago.