GBP/JPY attracts some buyers above 192.00 following UK CPI data

GBP/JPY holds positive ground near 192.20 after the release of the UK inflation report.
UK CPI rose 3.2% YoY in March vs. 3.1% expected.
The BoJ’s cautious stance weighs on the Japanese Yen (JPY) against the GBP.

Lallalit Srijandorn FXStreet

The GBP/JPY pair snaps the two-day winning streak around 192.20 during the early European session on Wednesday. The Pound Sterling (GBP) edges higher to an intraday high of 192.40 and then retreats following the hotter-than-expected UK Inflation data.

The headline annual UK Consumer Price Index rose 3.2% in March, softer than a 3.4% increase in February. This reading came in above the market consensus of 3.1%, but still higher than the BoE’s 2.0% target, according to the Office for National Statistics on Wednesday. Furthermore, the core CPI inflation dropped to 4.2% YoY in March from 4.5% in February. Meanwhile, the UK monthly CPI rose 0.6% in March, the same pace seen in February. The GBP gains traction as investors push back market expectations of a September BoE rate cut.

On the Japanese Yen front, the Bank of Japan (BoJ) has been cautious in normalizing its policy. Japanese CPI inflation is expected to remain above 2% through fiscal year 2024 and decelerate in fiscal year 2025, according to the BoJ’s quarterly outlook report. This triggers the anticipation that interest rates will remain extremely low for some time, which weighs on the Japanese Yen (JPY). Investors will monitor the fresh quarterly growth and price projections due at its April 25–26 policy meeting for any hints about the path of interest rate.

GBP/JPY

Overview
Today last price	192.08
Today Daily Change	-0.18
Today Daily Change %	-0.09
Today daily open	192.26

Trends
Daily SMA20	191.61
Daily SMA50	190.42
Daily SMA100	187.34
Daily SMA200	185.39

Levels
Previous Daily High	192.82
Previous Daily Low	191.65
Previous Weekly High	193.02
Previous Weekly Low	190
Previous Monthly High	193.54
Previous Monthly Low	187.96
Daily Fibonacci 38.2%	192.37
Daily Fibonacci 61.8%	192.1
Daily Pivot Point S1	191.67
Daily Pivot Point S2	191.08
Daily Pivot Point S3	190.51
Daily Pivot Point R1	192.84
Daily Pivot Point R2	193.41
Daily Pivot Point R3	194

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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