GBP/JPY consolidates near 156.00 post-BOJ interest rate decision


  • GBP/JPY fell for the second straight day on Thursday.
  • Brexit headlines, annual budget amid higher inflation expectations weigh on sterling. 
  • BOJ policy update, Retail Sales data directed the Japanese yen performance.

GBP/JPY continues to extend its previous session’s losses on Thursday . The pair opened higher but failed to sustain the gains and retreated toward the lower level. At the time of writing, the GBP/JPY pair is trading at 156.03 down 0.28% for the day.

The British pound lost against its peers, as investors digested Britain’s annual budget amid higher inflationary pressure, higher interest rates, and energy crisis.The Office for Budgetary Responsibility forecast the Gross Domestic Product (GDP) would grow by 6.5% in 2021, faster than a 4.0% expansion predicted in March.

In the latest development, France threatens to block UK ships from their ports in the next week should the UK refrain from easing controls over fishing. Britain on the other hand showed readiness to retaliate. This, in turn, weighs negatively on the British pound.

It is worth noting that the S&P 500 Futures are trading at 4,548 with 0.08% gains.

On the other hand, the Japanese yen edged higher after the Bank of Japan’s (BOJ) monetary policy decision and economic forecasts came as per the market expectations. The cash rate maintained at -0.1% and its 10-year government bond yield target around 0%.

As for now, the market dynamics continue to influence the pair’s performance in the near future.

GBP/JPY additional levels

GBP/JPY

Overview
Today last price 155.99
Today Daily Change -0.46
Today Daily Change % -0.29
Today daily open 156.45
 
Trends
Daily SMA20 154.56
Daily SMA50 152.5
Daily SMA100 152.64
Daily SMA200 151.43
 
Levels
Previous Daily High 157.27
Previous Daily Low 155.71
Previous Weekly High 158.22
Previous Weekly Low 155.93
Previous Monthly High 152.85
Previous Monthly Low 148.96
Daily Fibonacci 38.2% 156.3
Daily Fibonacci 61.8% 156.67
Daily Pivot Point S1 155.68
Daily Pivot Point S2 154.91
Daily Pivot Point S3 154.11
Daily Pivot Point R1 157.24
Daily Pivot Point R2 158.04
Daily Pivot Point R3 158.81

 


 

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