The GBP/JPY cross comes under some renewed selling pressure during the Asian session on Thursday and for now, seems to have snapped a two-day winning
streak to the weekly high, around the 184.35-184.40 area touched the previous day. The cross drops to a fresh daily low, around the 183.70 area in the last hour and is pressured by a goodish pickup in demand for the Japanese Yen ., triggered by the possibility of an early end to the Bank of Japan's negative interest rate policy, turns out to be a key factor underpinning the JPY.
The aforementioned negative factors, to a larger extent, overshadow the disappointing Japanese macro data, which does little to lend any support to the GBP/JPY cross. In fact, the Cabinet Office reported that Japan's core machinery orders fell more than expected, by 1.1% in July, in the wake of sluggish global growth and a slowdown in China.
The muted market reaction, however, suggests that the path of least resistance for the GBP/JPY cross is to the downside. Hence, a subsequent slide back towards the 183.00 round figure, en route to a one-month low around the 182.70-182.65 region, looks like a distinct possibility. In the absence of any relevant macro data from the UK, the ECB-infused
in the markets might provide some impetus to the cross and allow traders to grab short-term opportunities.
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