GBP/JPY Price Forecast: Sellers retain control near September low
GBP/JPY trades lower on Tuesday as the Japanese Yen (JPY) outperforms its major peers, supported by growing concerns that Japanese authorities could intervene in the currency market again. At the time of writing, the cross trades around 208.20, approaching September’s low near 207.
GBP/JPY price forecast indicates sellers continue to dominate near September's low, with the pair currently trading around 208.20. The Japanese Yen (JPY) has strengthened against major currencies, including the Australian Dollar, as concerns grow over possible Japanese intervention in currency markets. Bank of Japan Finance Minister Satsuki Katayama expressed concerns about an "undervalued Yen," stating Tokyo will keep close communications with the US Treasury to maintain stable foreign exchange markets.
Japan's top currency diplomat, Atsushi Mimura, emphasized markets should take Tokyo's warning about the Yen's weakness at face value. HSBC analysts point out that weak UK labour demand and sluggish private sector momentum could negatively impact the British Pound (GBP) in the near term. GBP/JPY is trading below key moving averages, with overhead supply weakening price near a bearish near-term bias. Resistance appears at the 210 and 212 levels, while support is at the 207 mark.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
