GBP/JPY edging closer to 2023 highs

The further rebound in the GBP/JPY was covered in part here in updates yesterday. The GBP/JPY later lifted above 187.50 and that means it has recovered almost all of the reversal, that took it back from the the 2023 high, at 188.28 reached on November 14. The pound had then fallen back to below 184.50 on November 21. Well, as you can see it has now nearly reversed what looks like a correctional move lower. The GBP/JPY is already at its best levels in over 8 years and that 188.28 was its highest point since June 2015, when it topped out back then at 195.88. So, it still has some way to go before it tests that previous peak. However, the carry trade in the GBP/JPY remains one of the most attractive out there on interest rate differentials and that is being supported by the latest BOE rhetoric on interest rates. The range seen so far today has been covered by 187.10 to 187.65 and it is on those highs right now