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GBP/JPY rises above 188.92

Following on from earlier updates, noting the gains in the pound following the better than forecast UK January jobs report, the one currency pair that has moved significantly on that data is the GBP/JPY. The Pound has now taken out the 2024 high at 188.92. The move has extended to above 189.25 a short while ago. So, where next then? Well, obviously 190 seems like the next target/hurdle on this pair. The outlook potential here, which was repeated again yesterday has further grounds to be underwritten, but of course the US and UK CPI reports today and tomorrow could easily get in the way of that, especially in terms of the USD/JPY price action. I think it is wise to remember, that for the most part it is usually the USD/JPY that drives the direction on the cross rate, more than it is the GBP/USD. That is unless the GBP/USD moves exponentially of course. The GBP/JPY is currently trading at 189.23
 

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