The GBPJPY pair remained stable during the later part of Tuesday’s trading session, hovering close to the 181.00 level.

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• The GBP/JPY consolidated in the back half of Tuesday trading, pinned to the low side just above 181.00.

The pair currently trades last at 181.097.

The previous day high was 181.96 while the previous day low was 181.41. The daily 38.2% Fib levels comes at 181.75, expected to provide resistance. Similarly, the daily 61.8% fib level is at 181.62, expected to provide resistance.

The GBP/JPY is down nearly 80 pips heading into the Wednesday market session, with the Pound Sterling (GBP) continuing to flag against the Japanese Yen (JPY). The pair is down almost 1.3% from last week’s peak, and in the red over 3.0% from August’s peak of 186.77.

The mid-week is thin on the economic calendar for the Guppy, and traders will be looking ahead to Thursday’s Tokyo Consumer Price Index (CPI) reading on Thursday, which will be followed by Friday’s Gross Domestic Product (GDP) figures for the UK.

The Bank of Japan (BoJ) is determined to see Japanese inflation remain above 2% in a meaningful way before stepping away from its hyper-easy monetary policy regime. Japanese interest rates are currently at -0.1%, and despite inflation being over the BoJ’s 2% target, fears of an inflation collapse are plaguing the BoJ.

Investors will be keeping a close eye on Thursday’s Tokyo CPI reading for September, which last printed at 2.9% for the annualized period into August.

Japan’s Tokyo CPI data drops late Thursday at 23:30 GMT.

Friday will bring an end-of-week juggle for the GBP, with UK GDP figures in the pipe; laboring economic growth remains a key sticking point for the Bank of England (BoE), and UK GDP is forecast to hold steady at 0.2% for the second quarter.

Intraday action for the GPB/JPY is decidedly bearish, with prices slumping away from the 34-hour Exponential Moving Average (EMA) near 181.40 and the 200-hour Simple Moving Average (SMA) well above current price action at 182.40.

Daily candlesticks see the Guppy on the downside as well, with the pair drifting into the 100-day SMA just above the 180.00 major handle. Despite recent bearish momentum, the GBP/JPY has soared in the medium-term and still remains almost 17% higher for the year.

Technical indicators are drifting into oversold territory thanks to the last six weeks’ gradual decline, and the Relative Strength Index (RSI) is set to ping the lower boundary indicating overextended selling pressure.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 181.18 at the time of writing. Pair opened at 181.8 and is trading with a change of -0.34 % .

The pair is trading below its 20 Daily moving average @ 183.68, below its 50 Daily moving average @ 183.27 , above its 100 Daily moving average @ 180.18 and above its 200 Daily moving average @ 171.31

The previous day high was 181.96 while the previous day low was 181.41. The daily 38.2% Fib levels comes at 181.75, expected to provide resistance. Similarly, the daily 61.8% fib level is at 181.62, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 181.49, 181.17, 180.94
• Pivot resistance is noted at 182.04, 182.27, 182.59

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