GBP/JPY loses ground below the mid-191.00s after BoJ’s verbal intervention

GBP/JPY edges lower to 191.30 in Wednesday’s early European session.
Japanese Finance Minister came with some verbal intervention, which lift the Japanese Yen.
The dovish stance from the BoJ might exert some pressure on the JPY.
Investors await the UK Q4 GDP growth numbers and Japan’s Tokyo Consumer Price Index (CPI), due later this week.

Lallalit Srijandorn FXStreet

The GBP/JPY cross trades on a weaker note near 191.30 during the early European session on Wednesday, snapping the two-day winning streak. The Japanese Yen (JPY) recovers some lost ground against its rivals after the verbal intervention from Japanese authorities early Wednesday. Nonetheless, the dovish remarks from the Bank of Japan (BoJ) policymaker to maintain accommodative monetary conditions might limit the JPY and cap the downside of the GBP/JPY cross in the near term.

Japanese Finance Minister Shunichi Suzuki stated on Wednesday that he will not rule out any actions including "decisive steps" to respond to any excessive moves in the foreign exchange. This, in turn, boost the JPY against the Pound Sterling (GBP) on Wednesday. Furthermore, the cautious mood in the market or uncertainties ahead of the Good Friday holiday might boost safe-haven flows and benefit the JPY for the time being.

On the other hand, the recent dovish comments from the BoJ policymaker to maintain accommodative monetary conditions might limit the JPY and cap the downside of the GBP/JPY cross. The BoJ governor Kazuo Ueda said on Wednesday that “based on our current economic and price projections, accommodative financial conditions are expected to continue for the time being.”

On the GBP’s front, the Bank of England's (BoE) Catherine Mann, one of the BOE's most hawkish policymakers, said investors expect too many interest rate cuts this year. Money markets raise their bets on easing at its next monetary-policy decision, putting the chance of a rate cut at 20%.

Traders will take more cues from UK GDP growth numbers on Thursday, which are projected to contract 0.3% QoQ in the fourth quarter. In the scenario of stronger-than-expected GDP growth numbers, the Pound Sterling (GBP) could gain momentum and act as a tailwind for the GBP/JPY pair. On Friday, the Tokyo Consumer Price Index (CPI) for March will be the highlight.

GBP/JPY

Overview
Today last price	191.32
Today Daily Change	-0.08
Today Daily Change %	-0.04
Today daily open	191.4

Trends
Daily SMA20	190.33
Daily SMA50	189.2
Daily SMA100	186.62
Daily SMA200	184.73

Levels
Previous Daily High	191.68
Previous Daily Low	191.11
Previous Weekly High	193.54
Previous Weekly Low	189.54
Previous Monthly High	191.33
Previous Monthly Low	185.23
Daily Fibonacci 38.2%	191.46
Daily Fibonacci 61.8%	191.32
Daily Pivot Point S1	191.11
Daily Pivot Point S2	190.82
Daily Pivot Point S3	190.53
Daily Pivot Point R1	191.68
Daily Pivot Point R2	191.97
Daily Pivot Point R3	192.25

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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