GBP/JPY Holds Firm Near 215.12 Amid Intervention Risk
The GBP/JPY currency pair has stabilized near the 215.12 level after yesterday's range-bound trading.
This comes despite the intervention risk remaining high, as both Japan and the US have signaled they may intervene in the market if needed.
Strategists at BNY Mellon describe the Japanese Yen as 'an intervention/rates trade' due to its sensitivity to higher oil prices and US Treasury yields.
The technical analysis shows that the pair is currently trading just above the 100-day Simple Moving Average (SMA) near 214.50, while the 50-day SMA at 215.50 caps immediate gains.