Snapshot: GBP/JPY trades near 193.40, up 0.2% on the session. Persistent hawkish undertones from the BoJ, specifically Ueda’s willingness to hike further, continue to weigh on the Yen. No UK or US data of note prints before the NY open.
- Resistance at 193.75 – breach would suggest a run at 194.00.
- Rising VIX indicates broader risk-off sentiment that, if sustained, could cap gains despite Yen weakness.
Bias into NY: Bullish GBP/JPY, targeting 193.75. BoJ normalisation bets, amplified by rising US real yields underpinning the dollar, will likely keep Yen bears in control, allowing Sterling to extend its gains.