GBPJPY Chart Technical Outlook trades sideways, bulls target 184.70
GBP/JPY trades within a contracting triangle pattern, indicating a lack of bias. The BoE projected weaker economic growth and lower interest rate peaks but higher inflation. This confused investors but was more dovish than hawkish, as they decided to do less – GBP bearish.
Market mood is better due to the falling US Treasury yields after a less hawkish Fed and the Treasury issuing fewer bonds – GBP bullish.
I expect more sideways price action, preferring a mild bullish move.
Resistances: 184.70, 186.00
Supports: 182.30, 181.00
