• GBP/JPY is middling on Thursday, pausing after a 13-day climb.
• Data for both currencies remains limited, but UK elections could spark volatility.
• Japanese Yen likely to continue deflating as BOJ remains stubbornly easy on policy.

GBP/JPY is taking a breather after stellar 13-consecutive-trading-day win streak, holding close to the high end of a 3.5% bottom-to-top near-term rally. Meaningful economic data is absent from the economic calendar on Thursday. Still, upcoming UK Parliamentary Election results could spark moves in either direction as traders tend to reward political upheaval with an overall uptick in volatility.

A 14-year run for the UK’s Conservative Tory party is set to end on Thursday, as early entry polls heading into the election noted an extreme likelihood of a sweeping victory for the UK’s Labour Party. Labour’s Keir Starmer is set to replace incumbent UK Prime Minister Rishi Sunak as the British populace looks set to pivot away from the party that has struggled since strongarming Brexit across the finish line