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GBP/JPY touches six-year highs

Mohamed Abdelhamid 29 October, 2022 2:33 am Forex Market, Market Update

The GBP/JPY registered strong gains during the week of 2.72%. The Bank of Japan intervention gave GBP/JPY buyers a better entry price around the weekly lows of 165.43.

The GBP/JPY pair is still upward biased, about to test the February 2016 high at 175.01. The pair also rallies to fresh six-year highs above the 170.00 threshold as the Japanese Yen gets hurt by the British Pound, which is posting a strong recovery after retreating on former PM Liz Truss’ plan.

The Rishi Sunak effect is boosting the Sterling. The arrival of Sunak was cheered by investors, as shown by the Sterling, appreciating against most G8 currencies. At the time of riting, the GBP/JPY is trading at 171.20.

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