Snapshot: GBP/JPY trades at 213.78, up 0.49% on the session. UK 10Y Gilt yields have climbed 7bp to 5.001%, providing support to the Pound. No major UK data is due before the NY close.
- Watch 214.00 for a potential break higher; a sustained push above this level would signal further upside momentum.
- Risk of Yen weakness abating if the Nikkei selloff continues to unnerve investors.
Bias into NY: Bullish on GBP/JPY above 213.50, driven by the prospect of continued yield support and BoJ caution. The path of least resistance appears to be toward 214.50.