GBP/JPY EDGES HIGHER AFTER UK HOUSING DATA

• GBP/JPY rises after data shows UK house prices recovering for the sixth consecutive month. 
• The Yen side of the pair weakens as bets of a BoJ rate hike in March fade. 
• Technically GBP/JPY is threatening to pullback in the midst of a strong uptrend. 

The GBP/JPY is up almost two tenths of a percent, trading in the mid 189.00s during the European session on Thursday after the Pound Sterling (GBP) side of the pair was buoyed by the release of British data which revealed a recovery in UK house prices in February. 

The data follows on from the UK’s positive monthly real GDP print released on Wednesday, which showed the UK economy growing by 0.2% in January after declining 0.1% in December. The data stoked hopes the country may be exiting from its technical recession triggered by the dismal growth performance in the last quarter of 2023