GBP/JPY opened the week on a softer note, slipping below the 211.00 mark after recently touching multi-year highs. The pair attracted some selling pressure early in the session, though the move lacked strong follow-through, suggesting traders remain cautious.
Renewed safe-haven demand for the Japanese yen, coupled with lingering fears of potential intervention by Japanese authorities, has provided modest support to the JPY and weighed on the cross. This has kept GBP/JPY from extending its bullish momentum despite the broader uptrend seen in recent weeks.
On the other hand, the British pound continues to draw support from the Bank of England’s hawkish tilt, which acts as a counterbalance to yen strength. The BoE’s stance has helped limit downside risks for spot prices, keeping the pair from a deeper correction.
Overall, GBP/JPY remains in a consolidative phase below its multi-year peak, with traders watching whether yen demand intensifies or if sterling’s policy-driven tailwinds can reassert control.
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