GBP/JPY Price Analysis: Continues two-day winning streak as BoJ Ueda remains dovish GBPJPY BOJ SupportResistance Breakouts ChartPatterns
ing strength amid weakness in the Japanese Yen led by the dovish stance adopted by Bank of Japan Governor Nominee Kazuo Ueda over monetary policy guidance.Ueda considers the current monetary policy as appropriate for spurting the wages and growth rate as a recent jump in Japan’s inflationary pressures is backed by rising import prices. Therefore, a sustained 2% inflation target can be achieved by keeping the expansionary monetary policy intact.
On a daily scale, GBP/JPY is in a markup phase after delivering a breakout of Wyckoff’s Accumulation pattern. Wyckoff’s accumulation indicates a period of inventory shift from the retail participants to the institutional investors. The cross is marching towards the horizontal resistance plotted from November 17 high around 169.10.
Meanwhile, the Relative Strength Index is aiming to shift to the bullish range of 60.00-80.00, which will result in a bullish momentum ahead.
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