Ella 
GBP/JPY fell nearly 3.5% from the day’s 34-year high of 200.60, rebounded to its highest level since August 2008 and then quickly fell back, falling nearly 700 points on Monday before the market recovered to the 196.00 technical area.
The Bank of Japan is believed to have intervened in global foreign exchange markets, causing the yen to plummet across the board. Investors will need to wait for official confirmation, but news agencies cited unnamed sources as saying the Bank of Japan intervened in currency markets when Japan was closed for the Showa Day holiday.
Monday is economic-free for the yen and pound (GBP), with UK data traders dealing with strictly secondary data from the UK all week. In terms of the yen, the market will focus on the minutes of the latest Bank of Japan meeting scheduled to be released in early trading on Thursday.
This week has been a short trading week for the yen; in addition to being closed for a holiday on Monday, Japanese markets will also be closed on Thursday for Japan’s Constitution Day, while Friday is another Children’s Day holiday in Japan.
Yen traders will be forced to wait for next Thursday’s Bank of England (BOE) interest rate decision and monetary policy report.
