Japanese yen weakness is a topic of the morning with USDJPY jumping above 150.00 mark for the first time in 32-years. JPY is also underperforming against other major currencies, like for example British pound. GBPJPY tested 170.00 mark this morning for the first time since 2016. However, just as it was the case with USDJPY breaking above 150.00, GBPJPY quickly pulled back afterwards. A test of the 167.80 swing area can be observed at press time. The pair is likely to remain volatile today because of the political situation in the United Kingdom. Contradicting media reports surfaced today with some claiming that Liz Truss is unlikely to survive this day as Prime Minister while others say that she is likely to remain in position until the end of October as there is no consensus in Conservative Party over how to remove her from the post. In any case, one may expect GBP, and GBPJPY as well, to swing on the headlines.
Source: xStation5
