GBP/JPY flat lines below 213.00 as intervention fears benefit JPY; bears seem hesitant
작성자 Haresh Menghani
게시일: 3 Feb 2026 | 수정일: 3 Feb 2026
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The GBP/JPY cross is seen oscillating in a narrow band near a one-and-a-half-week top, touched during the Asian session this Tuesday, and currently trading around the 212.70-212.75 region, nearly unchanged for the day.
- GBP/JPY enters a bullish consolidation phase on Tuesday amid mixed fundamental cues.
- Intervention fears lend some support to the JPY and act as a headwind for spot prices.
- Fiscal concerns and political uncertainty cap the JPY upside and favor bullish traders.
The GBP/JPY cross is seen oscillating in a narrow band near a one-and-a-half-week top, touched during the Asian session this Tuesday, and currently trading around the 212.70-212.75 region, nearly unchanged for the day.
Japan’s Finance Minister Satsuki Katayama said earlier today that she will continue to closely coordinate with US authorities as needed, based on a joint Japan and US statement issued in September last year, and respond appropriately. This revives fears about a possible joint US-Japan intervention to stem weakness in the Japanese Yen (JPY), which, in turn, acts as a headwind for the GBP/JPY cross.
Meanwhile, the Summary of Opinions from the Bank of Japan's January meeting showed on Monday that policymakers debated mounting price pressures from a weak JPY. This, in turn, highlights a hawkish view among the central bank's board members and backs the case for further policy tightening by the BoJ, which turns out to be another factor lending support to the JPY and caps the GBP/JPY cross.
The JPY bulls, however, seem reluctant to place aggressive bets amid concerns about Japan's fiscal health on the back of Prime Minister Sanae Takaichi's reflationary policies. Apart from this, domestic political uncertainty ahead of the February 8 snap election contributes to capping the JPY, which, in turn, should act as a tailwind for the GBP/JPY cross and warrants some caution for bearish traders.
Investors might also refrain from placing aggressive directional bets and opt to move to the sidelines ahead of the crucial Bank of England (BoE) policy meeting on Thursday. Given that traders are pricing in one or possibly two quarter-point rate interest cuts by the BoE in 2026, the central bank's policy outlook will influence the British Pound (GBP) and provide a fresh impetus to the GBP/JPY cross.
Japanese Yen Price Today
The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.18% | -0.18% | -0.12% | -0.08% | -0.82% | -0.51% | -0.21% | |
| EUR | 0.18% | -0.00% | 0.04% | 0.09% | -0.65% | -0.34% | -0.03% | |
| GBP | 0.18% | 0.00% | 0.06% | 0.10% | -0.64% | -0.33% | -0.03% | |
| JPY | 0.12% | -0.04% | -0.06% | 0.06% | -0.69% | -0.38% | -0.07% | |
| CAD | 0.08% | -0.09% | -0.10% | -0.06% | -0.74% | -0.44% | -0.12% | |
| AUD | 0.82% | 0.65% | 0.64% | 0.69% | 0.74% | 0.32% | 0.62% | |
| NZD | 0.51% | 0.34% | 0.33% | 0.38% | 0.44% | -0.32% | 0.31% | |
| CHF | 0.21% | 0.03% | 0.03% | 0.07% | 0.12% | -0.62% | -0.31% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).
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