Snapshot: GBP/JPY trades at 212.91, up 0.25% on the session, as the market continues to price in a more hawkish Bank of England relative to the Bank of Japan. No fresh UK data to drive price action today, leaving focus on relative policy outlooks.
- Watch 213.12, today’s intraday high, as a key resistance level.
- Risk: JPY weakness past prior intervention zones materially raises MoF/BoJ communication risk.
Bias into NY: Bullish, targeting a push towards 213.50, driven by the BoE’s cautious stance and resilient UK CPI, even as the dollar weakens.