GBP/JPY consolidates in a range below 181.00 mark, downside seems cushioned – by hareshmenghani GBPJPY BOE BOJ Crosses Currencies
ugh the Asian session. Spot prices currently trade around the 180.70-180.75 region, nearly unchanged for the day, and the mixed fundamental backdrop warrants some caution before placing aggressive directional bets. last week signalled that the tightening cycle may be nearing an end, which acts as a headwind for the British Pound and caps the upside for the GBP/JPY cross.
It is worth recalling that the Japanese central bank took steps to make its Yield Curve Control policy more flexible at the end of its July monetary policy meeting and fueled speculations about an imminent shift away from the ultra-loose monetary policy. TheGovernor Kazuo Ueda, however, moved quickly to dampen speculation about an early end to the negative rate policy and reiterated that the central bank won't hesitate to ease policy further.
Furthermore, the BoJ's Summary of Opinions released this Monday revealed that policymakers generally backed the case for the need to patiently continue with the current monetary easing towards achieving the price stability target. This suggests that the path of least resistance for the GBP/JPY cross is to the upside.
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