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Yen crosses in demand after BOJ holds- check out GBP/JPY
The impact of the Bank of Japan policy decision today has weakened the Yen, but it is not just above the USD/JPY, although of course that is leading the downside in the Yen this morning. It is really as much a cross currency play too, because the EUR/JPY and GBP/JPY have also gained this morning. That is well demonstrated by the fact, that the GBP/USD and EUR/USD are higher at the same time as the USD/JPY extends its move to above 144.35 as I write. So, the GBP/JPY had fallen to below 180 on Friday and back to test that level yesterday evening. The pair later closed in the US at 180.58. Earlier today it dropped back to test that 180 handle again ahead of the BOJ policy decision, but it held firm at the second time of asking (180.04 the low). It is just now hitting session highs close to 183. GBP/JPY is currently trading at 182.95
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