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GBP/JPY set to continue shedding 142.00 with little momentum from BoJ

  • GBP/JPY stuck in bearish grind back towards 141.00.
  • BoJ rate call sees markets little-moved as the Japanese central bank tries to avoid making waves on policy.

GBP?JPY continues to see intense middling action at the 142.00 handle heading into the latter week, but the Guppy's slide from last week's peak of 143.90 is unlikely to receive much support after the Bank of Japan's (BoJ) Rate call and MPS, which sees little to no change for the Japanese central bank's strategy.

The Guppy dove into the 141.50 region last week before rebounding, but was unable to recapture the 144.00 handle, leaving the pair to resume a bearish grind, and with the BoJ incredibly careful to avoid rocking the boat in their policy statements, the pair is set to continue roiling just north of 141.00

The BoJ's interest rate was left at -0.1% as widely expected, and despite the Japanese central bank having to walk back their growth and inflation projections for 2018, the BoJ is buried so far into their hyper-easy monetary policy that they ultimately have no choice but to avoid any hard corners, and any changes to policy will be well-telegraphed.

GBP/JPY Technical Levels

GBP/JPY

Overview:
    Today Last Price: 141.98
    Today Daily change: -6.0 pips
    Today Daily change %: -0.0422%
    Today Daily Open: 142.04
Trends:
    Previous Daily SMA20: 143.81
    Previous Daily SMA50: 145.28
    Previous Daily SMA100: 145.19
    Previous Daily SMA200: 146.66
Levels:
    Previous Daily High: 142.54
    Previous Daily Low: 141.58
    Previous Weekly High: 143.94
    Previous Weekly Low: 141.18
    Previous Monthly High: 149.5
    Previous Monthly Low: 144.02
    Previous Daily Fibonacci 38.2%: 141.95
    Previous Daily Fibonacci 61.8%: 142.17
    Previous Daily Pivot Point S1: 141.57
    Previous Daily Pivot Point S2: 141.09
    Previous Daily Pivot Point S3: 140.61
    Previous Daily Pivot Point R1: 142.53
    Previous Daily Pivot Point R2: 143.02
    Previous Daily Pivot Point R3: 143.49

 

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