On March 28, the pound sterling periodically rolled back against the Japanese yen. But in the end, buyers took over the market.

Note that the pair is very sensitive to risk. Turning our attention to the Japanese bond market, we see that the BOJ is continuing its yield curve control policy, which means it is trying to keep the 10-year bond yield below 50 basis points.

They currently have no problem with this, but every time interest rates rise around the world, it puts a little pressure on the Japanese yen as they have to print more yen to buy more bonds.

On the other hand, Britain has reiterated their need to fight inflation and is not too worried about the banking crisis. This means they will tighten monetary policy, and accordingly, the sterling will continue to rise.

GBP/JPY will likely rise, and the level of 165 yen is still a hard ceiling.