The GBP/JPY currency pair, currently valued at 182.927, remains close to 182.86 and has seen a slight increase of 0.05% during the day leading up to important upcoming events.

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• GBP/JPY hovers around 182.86, gaining 0.05% on the day ahead of the key events.

The pair currently trades last at 182.927.

The previous day high was 183.35 while the previous day low was 182.72. The daily 38.2% Fib levels comes at 182.96, expected to provide resistance. Similarly, the daily 61.8% fib level is at 183.11, expected to provide resistance.

The GBP/JPY cross oscillates in a narrow range below the 183.00 area during the early European session on Tuesday. Markets participants await the Bank of England (BoE) interest rate decision on Thursday ahead of the Bank of Japan (BoJ) meeting on Friday. These key events could trigger the volatility in the market. The cross currently trades around 182.91, up 0.07% on the day.

Traders anticipate that the Bank of England (BoE) will raise the rate to 5.5% from 5.25% at Thursday’s meeting. The UK economic data last week supported Governor Andrew Bailey’s statement this month that the BoE is much closer to ending its tightening cycle. Furthermore, the fear of recession from aggressive rate hikes could exert pressure on the BoE to halt its rate-hiking cycle.

On the Japanese Yen front, BoJ would rather wait until there is more clarity on whether Japan’s fragile economy can withstand the impact of slowing US and Chinese demand. BoJ Governor Kazuo Ueda stated last week that the central bank could exit its negative interest rate policy when its inflation target of 2% is near and they would have sufficient evidence by the end of the year to evaluate whether interest rates should stay negative.

At Friday’s meeting, the BOJ is largely anticipated to maintain its short-term interest rate target of -0.1% and its 10-year bond yield target of around 0%. Markets are waiting to see whether Governor Kazuo Ueda will provide any new signals about the timing of a policy move at his press conference after the meeting.

Later this week, the UK Consumer Price Index for August will be released on Wednesday. Market players will shift their attention to the BoE and BoJ monetary policy meetings on Thursday and Friday, respectively. Traders will take cues from these events and find trading opportunities around the GBP/JPY cross.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 182.88 at the time of writing. Pair opened at 182.79 and is trading with a change of 0.05 % .

The pair is trading below its 20 Daily moving average @ 184.25, below its 50 Daily moving average @ 183.17 , above its 100 Daily moving average @ 179.56 and above its 200 Daily moving average @ 170.93

The previous day high was 183.35 while the previous day low was 182.72. The daily 38.2% Fib levels comes at 182.96, expected to provide resistance. Similarly, the daily 61.8% fib level is at 183.11, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 182.56, 182.33, 181.93
• Pivot resistance is noted at 183.18, 183.58, 183.8

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