GBP/JPY Consolidates, Bullish Bias Intact on Japan Fiscal Worries
The British pound is trading in a tight range against the yen after failing to extend this week’s rebound, though a bullish bias persists amid concerns over Japan’s fiscal outlook.
GBP/JPY edged lower during Asian trading on Thursday, consolidating after this week’s bounce from the mid-109.00 area, a level that marked a four-month low. The cross has struggled to build on the solid rebound, suggesting near-term resistance.
Despite the pullback, the broader bias remains tilted to the upside. Market participants remain wary of Japan’s fiscal situation, which has underpinned the Japanese yen’s weakness and supported the pound’s relative strength.
Traders now look ahead to fresh catalysts, with UK and Japanese economic data likely to set the next direction for the pair.
Source: FXStreet Forex News