The GBP/JPY cross remains under some selling pressure for the second successive day on Monday and drops to over a three-week low, around the 180.75 re
GBP/JPY drifts lower for the second straight day and slides to a fresh multi-week low on Monday. Expectations that the BoE is done raising rates undermine the GBP and exert pressure on the cross. Hope for a change in the BoJ’s YCC policy benefits the JPY and contributes to the ongoing decline. The downside seems limited as traders now await the BoJ and the BoE policy meetings this week. gion during the first half of the European session.
Traders also seem reluctant to place aggressive directional bets and prefer to wait on the sidelines ahead of the key central bank event risks – the BoJ policy meeting on Tuesday, followed by the BoE policy update on Thursday. This, in turn, warrants some caution for bearish traders and positioning for any further depreciating move.
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