- Neither GBP or JPY have performed well against the dollar today.
- JPY has suffered slightly more as the risk tone turned positive.
GBP/JPY is in a crossroads this afternoon. Both the Pound and the Yen have underperformed but it is more about who is performing worse in the cross.
GBP it still Brexit and election headline orientated at the moment as it has been left to the December 12th general election to decide the countries Brexit fate.
JPY has been struggling for a different reason. The Yen has been it as the risk tone overall in financial markets has been a positive one. Some analysts have even started to push back their expectations for the next Fed rate cut.
Stock markets are soaring today with the S&P close to all-time highs and this means the Yen could remain under pressure.
Looking at the sixty-minute chart below, there is a triangle formation and the price is now travelling towards the apex.
It seems on the higher timeframe the price has flatlined somewhat but the polls and election headlines remain key.
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