GBP/JPY Short - March 1st 2021

GBPJPY on the weekly has hit a resistance, similar to GBPUSD. Mostly due to the United Kingdom's vaccination pace, re-opening schedule guaranteed which means business can now prepare to reopen. However we are seeing U.S. yields rise on anticipation of a potential inflationary period in the U.S., this adds some strength to the dollar and money flowing from other currencies to it. The Yen is also used as a cheap vehicle to invest in other economies, so now with yields rising and asset values falling in the U.S., money may begin flowing back into the Yen to cover the borrowing.

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Closed at breakeven, 2nd March