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Today, the GBP/JPY pair attempted to attract intraday sellers following an early move to a weekly high in the 198.27 level, driven by some buying interest in the Japanese yen. However, the fundamental backdrop calls for caution among bears.
Japan's Finance Minister, Katsunobu Kato, reiterated the government's readiness to take measures against excessive currency fluctuations, including actions triggered by speculative trading. This statement, along with Bank of Japan Governor Kazuo Ueda's remarks about a possible interest rate hike during the January or March meeting, supports the yen as a safe-haven currency, thus exerting pressure on the pair. However, investor skepticism regarding the timing of a potential rate hike by the BoJ limits yen buying activity.
On the other hand, the British pound is receiving support from moderate weakness in the U.S. dollar, which could contribute to the GBP/JPY pair's decline. Under current conditions, it is recommended to await confirmation of a strong drop in spot prices before drawing conclusions about a change in the directional trend.
From a technical perspective on the daily chart, oscillators remain in positive territory, confirming the fundamental bias in favor of bulls. Additionally, the 9 EMA is positioned above the 14 EMA, further highlighting the strength of buyer momentum.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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