GBP/JPY stepping closer to 200 again- will it remain intact?

An update here a few days back last week focused on the prospect of the GBP/JPY rising back above 200 once more. Well, since then the Pound has traded above 199 yesterday and it is above that level right now. Obviously, the driver for that is more upside in the USD/JPY and not the GBP/USD. That one is still holding its breath and still running into sellers around the 1.30 handle. Irrespective of that, it is surely the USD/JPY that will deliver any move above 200 in the GBP/JPY. Actually, just now we had some fresh jaw-boning from Japanese officials regarding the exchange rate, but so far those comments have fallen on deaf ears. Of course in terms of whether, or not the GBP/JPY can lift back above that 200 handle is also very much predicated on how the UK markets react to the budget tomorrow. Speaking to many analysts and including a good deal of personal trepidation over what is coming, the mood is not at all positive folks. The GBP/JPY reached a high yesterday at 199.35. It has traded to a high at 199.28 so far today. It is currently at 199.15