Bullish currency pair Pound-Yen runs out of steam at 170.83; currently at 170.6

After closing at 170.2 yesterday, GBP/JPY began today at 170.3 with significant bullish sentiment driving GBP/JPY's price action higher. So far today, price action has drawn out a distinct 169.38 to 170.83 range.

Pound-Yen is currently trading at 170.6 following the release of BoE Gov Bailey speech data from the United Kingdom.

This move comes while some more positive signs for Pound-Yen are out as Japan GDP came out at 0.4, better than analyst estimates of 0.1 and improving upon the previous reading of zero.

At the same time, United Kingdom Claimant Count Change (Apr) came out at 46,700, while a consensus of analysts was expecting 31,200. New United Kingdom Average Earnings Index +Bonus data was unchanged from the previous month and matched analyst projections of a reading of 5.8.

A look at other currencies also shows bullish price action as having closed the previous session at 136.36, USD/JPY is up 0.41% today to currently trade at around 136.92.

While Pound-Yen is up today, these currencies are lagging behind: EUR/NZD drops 0.59% to trade around 1.7328. GBP/NZD is down to 1.9927, losing 94 pips, after closing at 2.0021 in the preceding trading session.

Furthermore, the market is looking at United Kingdom BoE MPC Treasury Committee Hearings will be released tomorrow at 09:15 UTC. Japan Exports expected to decline to 3% while its preceding data was 4.3%, data will be available today at 23:50 UTC. Japan Trade Balance (Apr) is scheduled for today at 23:50 UTC.

Pound-Yen is now trading 17.7% away from its significant low of 144.6 first tested 7 months ago.