GBP/JPY FLAT LINES BELOW 191.00 MARK DESPITE BROADLY WEAKER JPY

GBP/JPY FLAT LINES BELOW 191.00 MARK DESPITE BROADLY WEAKER JPY

The GBP/JPY currency pair is currently trading just below the 191.00 round-figure mark, exhibiting minimal movement for the day.

Despite a modest uptick during the Asian session, the pair struggles to capitalize on the Japanese Yen's (JPY) broader weakness.

The Japanese Yen continues to face downward pressure due to uncertainties surrounding Japan's economic outlook and inflation risks.

These factors contribute to a generally weaker JPY, which typically supports the GBP/JPY cross.

Bank of Japan (BoJ) Governor Kazuo Ueda's cautious remarks regarding Japan's economy and inflation risks have further undermined the Yen.

Ueda noted that uncertainties surrounding Japan's economy remain high, and risks of inflation overshooting have diminished, leading to some selling pressure on the JPY.

Investors are closely monitoring upcoming economic data and central bank communications for insights into future monetary policy directions.

Any indications of a more hawkish stance from the Bank of Japan could influence the GBP/JPY exchange rate.

Technical analysis indicates that the GBP/JPY pair is facing resistance around the 191.00 level.

Traders are advised to exercise caution, as the pair's inability to sustain gains above this level may signal potential downside risks.