Can Japanese authorities keep up their jawboning game strong or will the yen’s rally fizzle soon? Yen pairs have been on the retreat, as Japanese officials have been dropping intervention hints left and right!
But how long can the currency keep this rally up?
GBP/JPY tumbled from the 168.00 handle but seems to be easing up on its decline, pausing to find some support at the 38.2% Fib. If this is enough to keep losses in check, the pair could resume the rally back up to the swing high and beyond. A larger pullback could reach the 50% Fib at 164.30 or the 61.8% level that’s right around an area of interest.