GBP/JPY trims a part of BoJ-inspired rally, faces rejection near 200-day SMA – by hareshmenghani GBPJPY BOJ GDP RiskAversion Currencies
rom sub-162.00 levels. Spot prices surrender a major part of the Bank of Japan -inspired gains and retreat to mid-162.00s during the early part of the European session.
The Japanese Yen weakens across the board in a knee-jerk reaction to the BoJ's decision to keep monetary policy settings unchanged at the end of a two-day meeting on Friday. This, in turn, assists the GBP/JPY cross to regain positive traction and build on the previous day's bounce from the 161.60 area, or a nearly two-week low. The uptick gets an additional boost following the release of better-than-expected UK GDP print, which showed that the economy expanded by 0.
That said, the UK Manufacturing and Industrial Production contracted more-than-anticipated last month, which, in turn, holds back traders from placing aggressive bullish bets around the British Pound. Apart from this, the prevalent risk-off environment - as depicted by a sea of red across the global equity markets - drives some haven flows towards the JPY and further contributes to capping the upside for the GBP/JPY cross.
The aforementioned mixed fundamental backdrop makes it prudent to wait for a sustained move in either direction before positioning for the near-term trajectory for the GBP/JPY cross.
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