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GBP/JPY backs away from new multi-year high

Eventually, the GBP/JPY did climb above that noted 200.55 level yesterday and that delivered a US close at 200.57. That was the highest daily close for the Pound versus the Yen since August 2008. The Pound lifted a little more earlier today, reaching a new 16 year high, at 200.74. However, it has backed away from that high just now. The failure of the GBP/USD to make a move above 1.28 has dented the GBP/JPY, notwithstanding the gains in the USD/JPY today. Nevertheless, the GBP/JPY close last night was positive and that could endorse further upside, but obviously any BOJ action is very much integral to whether or not we see further gains above 200 in the coming days and weeks, ahead of the UK general election, on July 4. The GBP/JPY is currently trading at 200.45 

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