The GBP/JPY pair rallied in the last hours and now is located at 182.49 at the time of writing. The price action invalidated a deeper drop, so a new leg higher is favored. Still, the rate stands right below key resistance levels, so further growth needs confirmation.
As expected, the BOJ left the BOJ Policy Rate at -0.10%. Furthermore, Retail Sales, Prelim Industrial Production, and Housing Starts came in worse than expected, weakening the JPY.
GBP/JPY Near Critical Resistance!
Technically, the price failed to stabilize below the 181.66 historical level, signaling exhausted sellers. Now, it has edged higher after escaping from the minor down-channel pattern.
GBP/JPY is challenging the median line (ml) and the 182.58 former high. These levels represent strong upside obstacles.
GBP/JPY Forecast!
Closing and stabilizing above 182.58 and above the median line (ml) activates further growth. This is seen as a buying opportunity.
