GBPJPY A bearish signal on the eve of NonFarm news

GBP/JPY collapses on a strong hint from Nikkei news that the BoJ will discuss a 0.5% cut to the 10-year JGB yield at its meeting on Friday.

The article sent shockwaves around the Bank of Japan, whereby BOJ Governor Ueda recently announced that "there is still a gap to achieving the 2% inflation target in a sustainable way" and that unless their assumptions about the need to achieve the 2% target sustainably change the BoJ's target "the narrative on monetary policy will not change."

We could see a potential strong support zone in 177.70/90 years on an hourly structure in the previous bull cycle where volume started to dry up. Below that, we have a Control Point near 177.00 and then the swinging support at 176.50.

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