FX Watch: GBP/JPY’s Downtrend Ahead of U.K.’s Jobs Data

June 10, 2024 7:50 am

GBP/JPY has been seeing lower highs since getting rejected from the 200.50 – 201.00 area in late May. And why not? Threats of the Bank of England (BOE) turning dovish and mixed data from the U.K. are keeping the bulls at bay. Meanwhile, a bit of risk aversion and talks of the Bank of Japan (BOJ) potentially considering hawkish policy adjustments later this week are increasing the demand for the yen. Will this week’s U.K. labor market numbers extend GBP/JPY’s downtrend?

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