GBP/JPY reacts to BoJ actions

Note: This section contains information in English only.
Source: Dukascopy Bank SA


In general, set technical analysis aside for now and watch the news flow and comments from the Bank of Japan and Bank of England.

It has been reported that for the first time since 1998, the Bank of Japan has intervened in the currency market with direct transactions. The central bank operation has been confirmed by the bank's representative Masato Kanda, who stated "We have taken decisive action in the exchange market."

On the GBP/JPY charts it has resulted in a drop from the 164.50 level down to the weekly S1 simple pivot point at 159.62. In the aftermath of the fundamental event the rate stood at 161.40/162.00, as it awaited the Bank of England Official Cash Rate hike at 11:00 GMT.

The market and this currency pair is set to take in the policy of the two underlying banks, as the statements of the banks get compared one against another until the end of this week.
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