GBPJPY Chart Technical Outlook holds onto the first cypher barrier at 194.50
We have seen a sustained recovery since the Bank of Japan’s currency intervention. Today we have the Bank of England interest rate decision.
From a technical perspective, we have stalled at the 1st cypher pattern barrier of 194.50. A move lower from this substantial resistance level would be analyzed as the BC leg in a Bat formation. It should also be noted that other Sterling crosses are offering a negative bias for GBP.
