GBP/JPY oscillates in a range just below multi-year top, awaits UK CPI and BoE later this week – by hareshmenghani GBPJPY BOJ BOE Inflation Currencies
The Japanese Yen continues to be undermined by the Bank of Japan's dovish stance, which, in turn, is seen as a key factor acting as a tailwind for the GBP/JPY cross. It is worth recalling that the Japanese central bank decided to leave its ultra-loose policy settings unchanged on Friday and kept intact its view that inflation will slow later this year. As was anticipated, the BoJ held its short-term interest rate target at -0.
Apart from this, a generally softer tone around the equity markets offers some support to the safe-haven JPY and contributes to capping the upside for the GBP/JPY cross, at least for the time being. That said, the aforementioned fundamental backdrop suggests that the path of least resistance for spot prices is to the upside and any meaningful pullback might still be seen as a buying opportunity.
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