Once again we've seen GBPJPY pull the pound around 17 Aug 2016
The pair has been a prime mover in recent months as I've highlighted here more than a few times and with yen selling back in vogue for the moment we've seen highs of 131.80 this morning from yesterday's 129.23. Acceleration higher came on a break of 131.00
GBPJPY is a pair favoured by many hedge funds/institutions given it's potential for extremities and the demand has helped put a bid under GBPUSD since USDJPY started it's hill climb from 99.53.
There's decent offers lining up at 101.20-25 and we still have the strong GBPUSD sell interest around 1.3100 so we should expect some GBPJPY sell interest to emerge not too far away.*
UK jobs/wages data at 08.30 GMT and FOMC Minutes the main risk events.
*Update 07.04 GMT: Bingo! GBPJPY back down to 1.3128 GBPUSD and USDJPY lower at 1.3015 and 100.84