The GBP/JPY cross comes under some selling pressure on Wednesday and erodes a part of the previous day's strong gains to the 184.
GBP/JPY struggles to capitalize on the previous day’s post-BoJ rally to a seven-week high. Intervention fears prompt some profit-taking ahead of the BoE policy meeting on Thursday. The BoJ’s dovish stance might continue to undermine the JPY and help limit the downside. 30 area, or its highest level since September 13. Spot prices, however, manage to recover a few pips from the daily low and currently trade around the 183.80region, down less than 0.30% for the day.
The Japanese central bank announced minor changes to its yield curve control policy on Tuesday, disappointing investors hoping for a more aggressive move towards ending years of monetary stimulus. The BoJ also indicated that a shift away from the ultra-dovish stance will take longer than initially expected.
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