GBPJPY TECHNICAL ON HNS PATTERN

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BoJ Maintains Interest Rates, More Significant Easing During October The Central Bank of Japan (BoJ) maintained the key short-term interest rate at -0.1% at the September meeting as expected. Policymakers have also maintained the 10-year Japanese government bond yield target of 0%, but said they will carefully review economic developments at the upcoming policy meetings and provide an indication of the possibility of further stimulation in October.

euronews.com/2019/09/19/boj-keeps-policy-steady-signals-chance-of-easing-in-october

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U.K. Retail Sales Fall Like Predictions

UK retail sales were down 0.2% a month earlier in August 2019, slipping from a 0.4% growth in July and in line with market expectations.

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European Markets Open Down On Brexit's Recent Development Factors

European markets opened lower on Wednesday as the U.K Supreme Court rejected parliament's suspension.

British Prime Minister Boris Johnson has said he wants the general election to be held while opposition leader Jeremy Corbyn has called for his resignation.

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Brexit Slow Growth Continues To Strengthen Pound

Entering the trading session of Europe today, Pound Sterling is seen to remain weaker in the market as it continues to rebound against other major currencies.
European Union (EU) Brexit chief negotiator Michel Barnier said today that they are ready to cooperate and review the Brexit operating plan from Britain. However, there is still no further development of the report.

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Sterling Slows When BoE Saunders Gives Rate Disclosure Indicators

GBP weakened on Friday on expectations that the Bank of England (BoE) was considering a decline after policymaker Michael Saunders said it was "very plausible that the next step in the Bank Rate would come down" in the unlikely scenario that Brexit uncertainty persists.

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Pound Sterling is still trading cautiously in the market following the Brexit issue which has not yet been able to provide a clear picture of reaching a deal.
UK Prime Minister Boris Johnson presented his Brexit proposal to the public yesterday and is now relying on the European Union (EU) for a decision on whether to reject or accept it for further negotiations.
The issue of Irish border control remains a major obstacle to the agreement signed by both parties. PM Johnson reiterated that the last alternative would be to leave the EU on October 31, even without a trade agreement.
But if PM Johnson's Brexit proposal is adopted by the EU, GBP's trade will revive in the financial market.
Considering the price movement on the GBP / JPY currency pair, the price continued to decline with the decline in the GBP's trading value as opposed to the increase in the Yen's trading in a risky market environment.
Prices are slowing down on the day today testing support levels at 131,600 and will continue to decline lower if the Brexit negotiations break down.
The initial downside is likely to reach 130,800 before continuing to the lower.
On the other hand, if the price recovers and exceeds the 132.400 level as well as the current trendline, the price is expected to reach the support zone resistance level (SBR) at 133.350. The next hike will test the focus level at 134,400.
Stay tuned for Brexit developments and see the GBP / JPY currency pair chart below for technical analysis references.

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Some weak economic data last week raised concerns about the recession, but it began to decline as the NFP's weekend job report saw moderate growth and the unemployment rate fall to 3.5% to nearly 50 years.
USD currencies rebounded as soon as job reports were released, however, as the week opened this USD currency weakened by market sentiment earlier this week.
However, it did not change market expectations that the US Federal Reserve (Fed) would lower interest rates at its next meeting on October 29-30 to stimulate the economy.
The sentiment against the dollar has been weakened by uncertain US prospects, one of which is due to President Donald Trump's probe when a second 'whistle-blower' has come out with the fact that he knows more about Trump's allegations. This can trigger some risks in the weekly opening.
In addition, China's recent trade talks aimed at narrowing the scope of trade talks and signals indicating a reluctance to enter into agreements with the US have led to a decline in the dollar and a slight increase in the yen trade.
The US-China trade talks will resume this Thursday and Friday which include a meeting between Deputy Prime Minister Liu He and US Trade Representative Robert Lightzier and Treasury Secretary Steven Mnuchin in Washington.
Meanwhile in Britain, Brexit has affected the pound to remain weak against the USD, with European Union (EU) President Donald Tusk rejecting a proposal by UK PM Boris Johnson saying it is unacceptable. Ireland also rejected the agreement because it involved the island's borders.

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