The GBP/JPY cross is seen building on the previous day's strong rebound from the 193.60-193.55 area, or its lowest level since October 8 and gaining positive traction for the third consecutive day on Wednesday.
GBP/JPY recovers further from over a one-month low set on Tuesday amid renewed JPY selling. Receding safe-haven demand, along with the BoJ uncertainty, undermines the safe-haven JPY. The technical setup warrants caution for bulls ahead of the crucial UK consumer inflation data. The GBP/JPY cross is seen building on the previous day's strong rebound from the 193.60-193.55 area, or its lowest level since October 8 and gaining positive traction for the third consecutive day on Wednesday.
Moreover, oscillators on the daily chart have recovered from lower levels, though they are yet to confirm a positive bias. Hence, any further move beyond the 197.00 mark is more likely to confront stiff resistance near the 197.70-197.80 supply zone. Some follow-through buying beyond the 198.00 round figure, however, will set the stage for additional near-term gains. On the flip side, the 196.
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