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31.10.2023 08:40 AMThe GBP/JPY pair rallied in the last hours and now is located at 182.49 at the time of writing. The price action invalidated a deeper drop, so a new leg higher is favored. Still, the rate stands right below key resistance levels, so further growth needs confirmation.
As expected, the BOJ left the BOJ Policy Rate at -0.10%. Furthermore, Retail Sales, Prelim Industrial Production, and Housing Starts came in worse than expected, weakening the JPY.
Technically, the price failed to stabilize below the 181.66 historical level, signaling exhausted sellers. Now, it has edged higher after escaping from the minor down-channel pattern.
GBP/JPY is challenging the median line (ml) and the 182.58 former high. These levels represent strong upside obstacles.
Closing and stabilizing above 182.58 and above the median line (ml) activates further growth. This is seen as a buying opportunity.
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