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GBP/JPY reacts to looming options expiration

The GBP/JPY is trading into the high side, following a spike in Yen rates due to Yen options expiries. However, the moves were short-lived, and the pair is now trading back into recent highs.

Japanese Finance Minister Shunichi Suzuki warned that the Japanese government is closely monitoring currency markets, which has become background noise for investors. UK wages and labor figures are due Tuesday, with Japanese Gross Domestic Product numbers slated for early Wednesday.

UK Average Earnings are expected to slip from 7.8% to 7.7% for the 3rd quarter ending September, while Japan’s 3rd quarter GDP is forecast to return to declines. The GBP/JPY technical outlook is that the pair is trading back into near-term highs at the 186.00 handle. Further topside will see the pair challenging three-month highs near 186.77.

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