GBP/JPY is a highly volatile pair that we love to trade. On the Bank of Japan Monetary Policy Statement issued on Friday, it shot up and gained more than 800 pips before it made a slight retracement. On Friday morning it was hovering around 173.963. When the Bank of Japan issued it’s Monetary Policy Statement it shot up more than 400 pips in just 2 hours. After that it continued climbing and has climbed another 400 pips before it fell 100 pips on poor GBP Construction PMI figures.
Just look above the red arrow and you will find 2 big large bullish candles. GBP/JPY is also popularly known as the Orient Express. Trading this pair can be highly lucrative. It moves on two types of news. One news that relates to GBP and the other news that relates to JPY. So when you trade this pair you should keep an eye on the Bank of England as well as the Bank of Japan.