The GBP/JPY continues to see a wedge formation play out which has led to an extended period of consolidation. U.K. CPI figures and the BoE minutes have failed to shed any light on future monetary policy leaving sterling crosses directionless. Meanwhile, Yen crosses are seeing low volatility as the Asian currency continues to search for an identity with the dollar replacing it as the preferred funding source for the carry trade.

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GBP/JPY Consolidation Creates Ideal Scalping Environment