GBP/JPY flirts with 162.00 mark, hangs near two-week low set on Wednesday – by hareshmenghani GBPJPY Recession China BOJ Currencies
ot prices slide back below the 162.00 mark in the last hour and remain well within the striking distance of a nearly two-week low touched on Wednesday.
The Japanese Yen attracts some haven flows amid worries about a deeper global economic downturn and turns out to be a key factor dragging the GBP/JPY cross lower. The market concerns were fueled by weaker Chinese inflation figures, which showed that domestic demand remains tepid despite the lifting of anti-COVID measures earlier this year and pointed to a sluggish economic recovery.
The downside for the GBP/JPY cross, however, seems cushioned, at least for the time being, amid expectations that the Bank of Japan will stick to its dovish stance to support the fragile domestic economy. The bets were further lifted by the release of the final GDP print, which showed that Japan narrowly averted a technical recession in the final months of 2022 and reaffirmed continued weakness in the economy.
In the absence of any relevant economic data from the UK, the aforementioned mixed fundamental backdrop makes it prudent to wait for some follow-through selling below the overnight swing low, around the 161.70 area, before placing fresh bearish bets. Traders might also prefer to move to the sidelines ahead of the BoJ monetary policy decision, scheduled to be announced during the Asian session on Friday.
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