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British Pound/Japanese Yen (GBP/JPY) Exchange Rate
GBP/JPY Pivot Points
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With the UK elections less than 48 hours away, the outcome remains uncertain. Prime Minister Johnson and his Tories are widely expected to win the election,
The British pound has had a productive week, breaking towards the upside quite significantly, slicing above the top of the overall consolidation that we had been in for a couple of months.
As the risk-on mood is showing signs of fatigue, the Japanese Yen could see a slow inflow of capital from risk averse traders.
The British pound has rallied significantly during the month of October as fears of a “no deal Brexit” are starting to subside a little bit.
-Start the new trading week of October 28, 2019 prepared with our Forex forecast for major currency pairs here!
Earlier this week, the GBP / JPY pair showed consolidation despite expectations of a bearish price gap for all GBP pairs
A snag in the Brexit plans sent the Pound Sterling lower versus the greenback though most FX traders seem to be optimistic
In Asian trade, the US Dollar was largely under pressure on fading hopes for some resolution to the trade discussions between China and the United States.
GBP/JPY: Is a breakout pending?
For more than two weeks in a row, the GBP/JPY pair continues the downwards correction, with losses reaching the 131.21 support level recorded earlier this week.
Completing the downward correction, GBP/JPY fell to the 131.77 support before, settling around 132.31 at the time of writing.
Start the new trading week of September 23, 2019 prepared with our Forex forecast for major currency pairs here!
Following a series of Brexit defeats for the Johnson government in the UK, markets started to price out a no deal Brexit which resulted in a sharp rally in the British Pound off of multi-years lows.
The British pound has broken down rather significantly late in the month of August, as we continue to see a lot of negativity around Sterling in general.
The British pound against the Japanese yen pair is a barometer for risk appetite more than anything else under normal circumstances.
Earlier in Thursday trading, the GBP / JPY pair tried to correct as high as 138.71, but the bounce remains weak and the bearish momentum remains the strongest.
The foggy Brexit future along with further Japanese Yen gains, continues to negatively impact the GBP JPY, which fell to the support level at 138.03 at the time of writing, the lowest for more than four months.
For four straight trading sessions, the GBP/JPY is moving down to the 142.21 support level at the time of writing the analysis, the lowest level for this pair for almost 3 months.
Britain's economic growth slowed down, while the manufacturing sector rebounded.
The British pound has gone back and forth during the course of the month for March, as the ¥144 level has offered a major support, while the 148 level has caused a significant amount of resistance.