GBP/JPY saw a thin rally on Wednesday, testing into 189.50 before wrapping up the midweek trading session near the 189.00 handle.
GBP/JPY trapped near 189.00 after a failed bid for 189.50. BoJ continues to flirt with hints about the end of negative rates. UK data provides little spark for chart moves this week. The pair is cautiously recovering after an early-week dip into the 188.00 handle. The Bank of Japan continues to wink at the possibility of ending the negative rate regime.
Friday will round out the Guppy’s hits on the economic calendar with mid-tier UK Consumer Inflation Expectations for the next 12 months. UK consumer inflation forecasts last printed at 3.3%. GBP/JPY technical outlook GBP/JPY is on a slow grind higher after Monday’s bounce from the 188.00 handle, facing intraday technical resistance from 189.50 as the pair drifts around 189.00. A stiff supply zone is built into the 191.00 region to capture any bullish pushes into the high end.
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