We recently noticed that some third-party companies and individuals impersonated the TOPONE Markets brand and illegally misappropriated our trademarks.

We Hereby Reiterate Our Statement:

  • TOPONE Markets does not provide discretionary account operation trading services, nor does it cooperate with other third-party vendors and/ or agents to provide such services.
  • TOPONE Markets staff will not promise to our customer the definite profit, please do not trust any kind of the profit promise or profit related picture, such as screenshot/ chat history, etc, all investment profit can be only viewed on our official website and application.
  • TOPONE Markets is a professional online trading platform with low spreads and zero handling fees. Be wary of any behavior that asks you for any fees directly and privately. TOPONE Markets does not charge a fee at any stage of its trading process or other fee.

If you have any questions or concerns, please feel free to reach us by clicking the "Online Customer Support" or send an email to our customer care team cs@top1markets.com. We will answer your questions and assist you promptly.

Understood
We use cookies to learn more about how you use our website and what we can improve. Continue to use our website by clicking "Accept". Details
Situs web ini tidak menyediakan layanan untuk penduduk Amerika Serikat.
Market News GBP/JPY Struggles To Capitalise On Intraday Recovery From a Multi-Week Low, While The BoJ Is Awaited

GBP/JPY Struggles To Capitalise On Intraday Recovery From a Multi-Week Low, While The BoJ Is Awaited

The GBP/JPY pair recovers moderately from its lowest level since mid-June. Intraday short-covering is prompted by trade repositioning ahead of the crucial BoJ decision. As the likelihood of more aggressive BoE rate increases diminishes, any meaningful upside is capped.

TOP1 Markets Analyst
2023-07-28
8473

 GBP:JPY.png

 

During Friday's Asian session, the GBP/JPY cross attracts some purchasing near the 177.50 area and stages a modest rebound from its lowest level since mid-May reached the day before. In the last hour, spot prices have climbed to a new daily high, but have failed to extend beyond the mid-178.00s as traders eagerly await the outcome of the highly anticipated two-day Bank of Japan (BoJ) policy meeting.

 

The intraday recovery of approximately 100 pips in the GBP/JPY pair is largely attributable to repositioning trades advance of the key central bank event risk. As a result of rumours that the Bank of Japan may alter its Yield Curve Control (YCC) policy, the upside remains constrained. Stronger Tokyo CPI figures, which unexpectedly rose in July and remain well above the BoJ's 2% target, reaffirmed the wagers. In turn, this pushes the yield on the 10-year Japanese Government Bond (JGB) above the BoJ's tolerance band, which, along with a softer risk tone, supports the safe-haven Japanese Yen (JPY) and functions as a headwind for the cross.

 

Aside from this, diminishing odds for more aggressive rate increases by the Bank of England (BoE), bolstered by weaker UK consumer inflation figures from the previous week, contribute to limiting the upside for the GBP/JPY cross. Governor Kazuo Ueda of the Bank of Japan reaffirmed that the central bank will maintain its accommodating monetary stance and added that the long-term yield rate is stable under the YCC policy. In addition, a government spokesperson stated earlier this week that Japan's inflation will likely decrease to around 1.5% the following year after removing the impact of one-time factors. Consequently, this discourages traders from placing aggressive direction wagers.

Bonus rebate to help investors grow in the trading world!

Need Assistance?

7×24 H

Download the APP for Free