GBP/JPY reacts to Bank of Japan statement

Note: This section contains information in English only.
Source: Dukascopy Bank SA


On April 28, the Bank of Japan released its Outlook Report and Monetary Policy Statement. In general, the bank is set to continue its monetary easing policy, which is weakening the value of the Yen. Namely, the bank is keeping its bank rates at previous levels and 10-year Japanese government bond yield target is set to be the same. Meanwhile, the inflation forecast for 2022 has been raised from 1.1% up to 1.9%.

On the GBP/JPY currency pair charts this resulted in a surge above the 164.00 level. During the first half of Thursday's trading, the pair found resistance in the 164.10/164.25 zone. Afterwards, a decline to the weekly S2 simple pivot point at 162.23 occurred.

If the pair decline below the 162.23 level, the rate might look for support in the 161.50 level and the 50-hour simple moving average near 161.25. Afterwards, take into account the 161.00, 160.50 and 160.00 levels.

However, a potential recovery of the Pound against the Japanese Yen is expected to encounter resistance in the weekly S1 simple pivot point at 163.61, before apporaching the 164.10/164.25 zone.
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