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Yen crosses on the rebound today-check out the GBP/JPY now
The Yen has remained on the back foot today, despite an earlier wobble delivered by the massive wage settlement for one of the biggest Japanese unions. That did sent Japanese yields higher when it was released and that pushed the USD/JPY back towards 148, from an earlier high at 148.66. However, since then the Yen has weakened again and the dollar has taken out that high. At the same time, the gains in the European stock markets have helped to push the dollar versus Europe lower and that has seen the likes of the EUR/USD and GBP/USD rebound. At the same time, the USD/JPY has not backed off much, so the EUR/JPY and GBP/JPY have now pushed to session highs. The GBP/JPY closed in the US last night at 189.16. Earlier today it dropped back to 188.59, but since then it has lifted to a session high at 189.74 and it is not far off that high right now. Naturally the 190 handle remains the next hurdle of note this morning. The GBP/JPY is currently trading at 189.70
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