GBP/JPY Plunges to 213.30 Despite Strong UK Jobs Data, Yen Strength Dominates

GBP/JPY plunged to 213.30 on May 14 despite stronger-than-expected UK employment (+0.3% m/m) and wage growth (5.6% y/y vs 5.4% forecast), as Bank of Japan rate hike bets fueled yen strength and broke key support at 214.00. The pair initially weakened to 188.50 on May 12 amid UK political uncertainty over fiscal policy, government divisions, and Japanese intervention fears following the yen's 34-year low versus the dollar. It hit a session low of 190.45 (down 0.6% from Friday's close) on May 13 before recovering to 190.80 on leadership instability, but recent rally faded against yen surge, targeting 212.00 support.