#GBPJPY @ 183.985 The has rocketed back to 184.00 after the BoJ flubbed hawkish tone expectations.

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• The GBP/JPY has rocketed back to 184.00 after the BoJ flubbed hawkish tone expectations.

The pair currently trades last at 183.985.

The previous day high was 2006.86 while the previous day low was 1991.01. The daily 38.2% Fib levels comes at 1997.06, expected to provide resistance. Similarly, the daily 61.8% fib level is at 2000.81, expected to provide resistance.

The GBP/JPY is climbing back over the 184.00 handle for Tuesday, with the Yen (JPY) getting punished after the Bank of Japan (BoJ) struck a far more dovish tone than markets were prepared for, even as Japanese inflation forecasts tick higher.

BoJ: Another disappointment for JPY bulls – TDS

BoJ Governor Kazuo Ueda hit newswires early Tuesday with dovish comments, stating that he doesn’t see Japanese inflation reaching BoJ targets “with certainty”, and the Japanese central bank will stand pat on interest rates for the foreseeable future, even as the BoJ’s own inflation forecasts are revised higher.

The BoJ now expects 2024 inflation to come in at 2.8% (previous 1.9%), with 2025 seen at 1.7% (previous 1.6%).

It is now the Bank of England’s (BoE) ballgame to lose with UK’s central bank slated to bring another rate call on Thursday. The BoE is broadly expected to also hold steady on rates, and investors will be looking at the BoE’s Monetary Policy Report and BoE Governor Andrew Bailey’s press conference.

BoE Governor Bailey’s press conference is scheduled for thirty minutes after the rate decision announcement is released.

Tuesday’s rally in the GBP/JPY sends the pair back over the 184.00 handle, taking the Guppy into its highest bids in six weeks.

The pair continues to cycle the 50-day Simple Moving Average (SMA), with the MA in play near 183.00.

Major top side resistance is baked in from August’s swing high into 186.77, and a congestion range from here will see the formation of a head and shoulder pattern from July’s peak near 184.00.

Technical Levels: Supports and Resistances

GBPJPY currently trading at 1984.21 at the time of writing. Pair opened at 1994.82 and is trading with a change of -0.53 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 1917.55, 50 SMA 1914.96, 100 SMA @ 1924.42 and 200 SMA @ 1932.97.

The previous day high was 2006.86 while the previous day low was 1991.01. The daily 38.2% Fib levels comes at 1997.06, expected to provide resistance. Similarly, the daily 61.8% fib level is at 2000.81, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1988.27, 1981.71, 1972.42
• Pivot resistance is noted at 2004.12, 2013.41, 2019.97

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