GBP Continues to Fight Against the Yen Forex GBPJPY Trading
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Inflation remains high, despite the fact that there was a lot of noise about the Federal Reserve possibly bailing everyone out after the bailout of Silicon Valley Bank in America. has experienced significant volatility in recent trading sessions, with the market breaking above the hammer from the previous session.However, an inverted hammer reaching up to the ¥164 level creates uncertainty, making it difficult to imagine a scenario where the market simply takes off to the upside.
However, it is important to note that the Bank of Japan is fighting interest rates, and if interest rates around the world continue to rise, they will have to print more Japanese Yen to keep the 10-year JGB below 50 basis points. This was the exact factor that initiated last year's rally against the yen in almost all currency pairs. In other words, if interest rates continue to rise, it is likely that the Japanese Yen will get hammered against multiple pairs.
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