Sterling Surges Sharply Versus Japanese Yen Given Divergent Monetary Policy Outlooks
The British Pound has been tracing a steady uptrend versus the Japanese Yen. Sterling was on track for a seventh gain in a row on Thursday thanks to divergent monetary policy outlooks between the Bank of England and the Bank of Japan.
The currency pair GBPJPY jumped more than 0.2 percent in Asian morning trading session, soaring to the highest level since May 17th at 145.50. The Pound received a huge support after Bank of England Governor Mark Carney on Wednesday said that the central bank might need to hike interest rates given the fact that the British economy comes closer to operating at full capacity.
Meanwhile, according to a summary of the BOJ’s latest meeting published on Monday, BOJ’s policy members believed that maintaining their current ultra-loose policy would help the country’s inflation heading towards their 2 percent target.
Buy Stop at 145.500, Take profit at 146.500, Stop loss at 145.000