$GBPJPY - British Pound Breaks Out Against Yen:
One possible reason for this movement is the recent release of PMI numbers from the United Kingdom.
Additionally, the Bank of Japan's yield curve control policy continues to hold back the growth of the Japanese yen. By keeping the 10-year JGB down to 50 basis points, the Bank of Japan is essentially flooding the market with yen, which could ultimately put pressure on the currency., as both inflation and employment in the United Kingdom are more resilient than originally thought. This could lead to a further weakening of the Japanese yen and a strengthening of the pound.
Looking ahead, it is possible that the market could continue to move higher, with the next major barrier being the ¥165 level.
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