The GBP/JPY cross struggles to capitalize on a two-day-old recovery from the vicinity of a one-month low retested earlier this week and meets with a fresh supply during the Asian session on Wednesday.
GBP/JPY comes under some renewed selling pressure amid broad-based JPY strength. Hawkish BoJ expectations, along with the cautious market mood, underpin the JPY. Traders now look to the UK CPI for short-term impetus ahead of the BoE and the BoJ. Spot prices drop back closer to the 186.00 mark in the last hour amid the emergence of fresh buying around the Japanese Yen , though the downside seems limited ahead of the release of the UK consumer inflation figures.
Meanwhile, the market focus remains on the BoE decision on Thursday, which will be followed by the latest BoJ policy update on Friday. This will play a key role in influencing the GBP/JPY cross and help in determining the next leg of a directional move. Hence, it will be prudent to wait for a sustained break and acceptance below the 184.50 horizontal support before positioning for the resumption of the prior downtrend witnessed over the past two weeks or so.
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