The stars appear to be aligning for GBP/JPY bulls

The Japanese yen was broadly weaker overnight after a slew of weaker than expected data. Any hopes that household spending would expand for the first month in five were dashed when it contracted by -0.2% and missed the 0.3% forecast. Although on a brighter note, it is the slowest rate of contraction over this period. Japan’s current account surplus also vanished and missed expectations, as imports outpaced exports. At the time of writing NZD/JPY and GBP/JPY are the strongest yen pairs, with the latter showing the potential to breakout from a key technical level.

Guide to Pound sterling

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