After seeing a huge rejection after the speculation drop due to BOJ's potential hawkish moves, traders and hedgers called BOJ's bluff and the pair rallied over 2% on friday.
Given BOE's decision to rate hikes again, which is already priced in, people will be paying note to Bailey's commentary to actual market moves.
I would be staying away from going long on this pair as it is only a matter of a week or so before BOJ has to intervene.
Given BOE's decision to rate hikes again, which is already priced in, people will be paying note to Bailey's commentary to actual market moves.
I would be staying away from going long on this pair as it is only a matter of a week or so before BOJ has to intervene.
Comment:
The pair is acting brilliantly against my supply zone, it's currently testing second top supply zone, should that break, GBP/JPY will be testing ATH.