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GBPJPY – Ready to Rumble?
The whole week has been building up to this. The BOJ announcement tonight is sure to move the yen and the yen pairs as the market awaits the decision about the size and scope of monetary stimulus.
Any number less than 20T yen is likely to disappoint and could send the yen several big figures lower, but if the BOJ brings the bazooka and surprises the market to the upside yen pairs could skyrocket higher. Although cable has been weak today the pair continues to hold the 1.3000 barrier and a pop in yen could take GBP/JPY right back above the 140.00 figure.
If on the other hand the market is disappointed GBP/JPY could quickly drop to 1.3500 and perhaps even 1.3200 over the next few days.