GBP/JPY jumps to levels near 184.00 as a dovish BoJ hammers the Yen

The Pound rallies with the Yen weighed by a dovish BoJ.
The BoJ flags more easing and crushes hopes of a hawkish pivot in the near term.
GBP/JPY shrugs off previous weakness and approaches the 184.35 resistance area.

Guillermo Alcala FXStreet

The Pound Sterling is rallying against an ailing Yen following a dovish monetary policy statement by the Bank of Japan. The pair has pared last week's losses in a nearly 2% daily rally and is getting closer to the 184.35 resistance area.

The BoJ opens the doors to further easing

The BoJ kept its ultra-loose monetary policy unchanged, as expected, but Governor Ueda´s pledge to additional easing if necessary disappointed investors who were looking for hints of a hawkish pivot in early 2024.

The Pound bounced up strongly from the 180.00 area on the back of Ueda´s comments to reach 184.00 at the moment of writing, with Monday´s high, at 184.35 at a short distance.

The strong bullish reaction from the mentioned 180.00 has eased the immediate bearish pressure and a break above 184.35 would increase bulls´ confidence to extend gains towards 186.25 and 187.50.

On the downside, support levels are at 183.20 and 181.65 previous highs.

Technical levels to watch

GBP/JPY

Overview
Today last price	183.96
Today Daily Change	3.21
Today Daily Change %	1.78
Today daily open	180.75

Trends
Daily SMA20	184.66
Daily SMA50	184.21
Daily SMA100	183.78
Daily SMA200	178.28

Levels
Previous Daily High	181.18
Previous Daily Low	180
Previous Weekly High	184.33
Previous Weekly Low	178.35
Previous Monthly High	188.67
Previous Monthly Low	182.75
Daily Fibonacci 38.2%	180.73
Daily Fibonacci 61.8%	180.45
Daily Pivot Point S1	180.1
Daily Pivot Point S2	179.46
Daily Pivot Point S3	178.92
Daily Pivot Point R1	181.29
Daily Pivot Point R2	181.83
Daily Pivot Point R3	182.48

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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