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GBP/JPY churns near 200.00 ahead of a quiet week

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GBPJPY News

BOJ,Retailsales

GBP/JPY is cycling the 200.00 major handle heading into a quiet week for both currencies, with the economic data calendar almost entirely populated with low-tier data releases through the majority of the trading week.

GBP/JPY cycles 200.00 in rough churn as Yen struggles to hold steady. GBP and JPY settle in for a quiet week on the data docket. UK Retail Sales and Japanese wages both expected to rebound this week. UK BRC Like-For-Like Retail Sales are expected to recover ground in May, while Japanese Labor Cash Earnings are expected to accelerate for the year ended in April. UK YoY BRC Retail Sales are expected to rebound to 1.

A firm rebound in wage growth will help bolster the BoJ’s confidence in closing the differential between Japanese monetary policy and other major central banks around the world. GBP/JPY technical outlook GBP/JPY has struggled in a rough range after hitting multi-decade highs at 200.75 in May, waffling between bids north of 200.00 and a near-term floor just below 199.00.

 

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