Ella 
GBP/JPY remains in a tight range below the 199.00 mark as Sterling (GBP) traders await key UK data to choose direction. Japanese data remains light this week, leaving GBP traders focused on UK Consumer Price Index (CPI) and Purchasing Managers Index (PMI) data.
According to current statistics, Japan has spent about 60 billion yen recently to defend the battered yen. The Bank of Japan (BoJ) has yet to officially confirm or deny outright market operations. However, the BOJ’s closely watched financial reports show a much wider gap between market analysts’ expectations and actual reported financial operations.
Despite the potential for yen intervention in global FX markets, GBP/JPY is once again firmly approaching all-time highs as the yen continues to slide further across the board, while the Bank of Japan remains steadfast in keeping interest rates near zero.
The latest UK consumer price index inflation data is due out on Wednesday and is expected to fall to 0.2% in April, down from 0.6% last month. Investors are looking for signs of a summer interest rate cut by the Bank of England, with markets keeping a close eye on the latest updates on UK inflation.
