GBP/JPY Hits Three-Week Low on Stronger Yen
The GBP/JPY pair continued its decline, reaching a three-and-a-half-week low in Asian trading hours on Thursday. The cross traded around 212.75-212.70, weighed down by a stronger Japanese Yen.
The Yen's strength was attributed to hawkish repricing of Bank of Japan policy and speculation about official rate checks. Market positioning indicated that sellers were seeking to deepen the move below the 200-day Simple Moving Average.
Participants remained vigilant amid market chatter that officials had carried out a rate check, which traders interpreted as a potential precursor to direct intervention in support of the Japanese currency.