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GBP/JPY gets close but stalls again

On Friday the Pound versus the Yen came very close to setting a new 2024 high, when it reached 188.86. However, it was not quite able to achieve a new high for the year and fell back. It did try the topside again ahead of the weekend, but still could not quite manage it. The GBP/JPY closed on Friday at 188.53. Earlier today it was pressing a little higher, but so far that move seems to have blown out again and fallen back from an earlier session high at 188.64. Hence, the current 2024 high, at 188.92 set on January 19 remains unsurpassed. The GBP/JPY is right now on session lows, as it tests 188.00. Now of course we have a lot of UK data due out this week, as mentioned in an earlier update and that could be a game-changer for the GBP/JPY, as much as it could be for the GBP/USD, depending on what the US CPI report has to deliver for that pair. A good while back, speculation was raised here on the prospect of the GBP/JPY reaching 200 at some point. That potential has not yet gone away, despite momentum clearly stalling. The US and UK data this week could help decide it that gets another boost, or not. The GBP/JPY is currently trading at 188.00
 

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