GBPJPY Chart Technical Outlook

GBPJPY Chart Technical Outlook corrects higher, vulnerable to fresh fall to 183.74 on Yen strength

The Bank of Japan is hawkish while the rest of the world is dovish – that is why the Yen is on a roll, rallying across the board. I expect further falls, especially as the upside correction was triggered by US core CPI – a move that carried USD/JPY and other Yen crosses temporarily higher. That is set to fade.

What about the Pound? I expect a dovish message from the European Central Bank. While that mostly affects the Euro, Sterling could slightly suffer as well. 

GBP/JPY has support at 183.74, and then at 182.77 and 180.08. Resistance is at 186.50, followed by 188.11. The trend is clearly down.

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