Forex
GBP/JPY Holds Near Year-to-Date Low Ahead of BoE and BoJ Decisions
The GBP/JPY exchange rate has been trading near the 208.25-208.30 range, showing a mild bid in early European session but remaining close to its year-to-date low reached last Tuesday.
Market participants are awaiting guidance from this week's Bank of England and Bank of Japan decisions, with a 25 bps BoJ hike already seen as fully priced in by traders.
The technical indicators, including price action below the 200-day SMA and weak momentum, continue to favor a downside scenario for GBP/JPY.