For those of you tracking the Market Spotlight you’ll know I’ve been looking for GBPJPY to break for pretty much all of the year so far. This week the trade finally came to fruition with the pair blowing through the 157.88 level and now just about to hit the the initial target at 159.98.There is plenty of momentum behind this move and with the retail market heavilyshort, the focus is on a continuation higher towards the next target at 162.59. Central bank expectations are heavily divergent between the BOE and BOJ, a theme which looks likely to continue near term, keeping the pair supported.
Keep An Eye On
The current recovery in risk appetite is weighing sharply on JPY and, while this theme continues, there is plenty of room for GBPJPY to keep pushing higher. Looking ahead this week, data wise, the UK CPI release tomorrow is likely to put further upside pressure on GBP, confirming another month of upward price movements in the UK.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.