GBP/JPY attempts tepid bounce on 139 handle post-BOJ

Fresh supply is seen hitting the yen across the board after the BOJ made no changes to its monetary policy program, aiding the recovery in GBP/JPY from a dip below 139 handle.

GBP/JPY: Focus shifts to BOE

The GBP/JPY pair now drops -0.16% to 139.17, looking to regain 139.50 barrier. The cross attempts a tepid-bounce in tandem with USD/JPY, following a non-event BOJ policy decision, which restricted further upside in the yen against most its major peers.

However, GBP/JPY remains under pressure this session, largely on the back of a minor-retreat seen in cable, after the major staged a solid rebound a day before on a short-squeeze and less hawkish/ neutral Fed decision.

With the BOJ decision out of the way, focus remains on the BOJ Governor Kuroda’s presser and BOE monetary policy decision for fresh inputs on the cross.

GBP/JPY: Technical Levels                                                                                

Higher side: 139.51/57 (10-DMA/ daily high), 140.50/57 (Mar 10 & 11 high), 140.81/98 (classic R1/ 50-DMA)

Lower side: 139/138.99 (round number/ Mar 9 low), 138.50/38 (psychological levels/ Mar 8 low), 138 (zero figure)