Short

GBPJPY → The CBJ has raised rates. What's in store for the pair?

experienced an attempt to break through resistance and rise, but failed to realize the intention as traders do not believe in bullish movement due to the actions of the Central Bank of Japan

The Central Bank of Japan raised the rate by 0.25% to the highest since 2008. The bank sees accelerating inflation, a slowing economy and is likely to raise the rate further if inflation continues to rise.
Fundamentally, the situation may trigger a fall in the currency pair, but it may be restrained due to the Pound's strength against the Dollar. Nevertheless, I assess the situation regarding a false break of resistance from the technical part, and from the fundamental part from the Japanese action, as they are targeting the medium term.

Resistance levels: 193.00
Support levels: 192.00, 190.55

Another attempt to retest resistance before a further drop is possible. Traders are starting to build up longs on the Yen, which may lead to a bearish correction of the currency pair.

Regards R. Linda!

RLinda

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