The GBP/JPY pair is approaching the six-month high of 172.17 after an upside break of the consolidation formed around 171.00 in the Asian session. The Japanese Yen has been heavily impacted as the new Bank of Japan (BoJ) Governor Kazuo Ueda supported the continuation of ultra-dovish monetary policy to keep inflationary pressures steadily above 2%.
The BoJ announced no change in the Yield Curve Control (YCC) unanimously confirming that consideration of an exit from the ultra-loose policy is not in the picture.
On the pound Sterling front, the focus is on the interest rate decision by the Bank of England (BoE), which will be announced next week.
GBP/JPY is aiming to capture the six-month resistance of 172.17 horizontally plotted from 31 October 2022 high. A demand zone is placed in a range of 165.42-167.95 which will provide a cushion to the Pound Sterling.
Upward-sloping 10-and 20-period Exponential Moving Averages (EMAs) at 168.27 and 166.87 respectively, add to the upside filters.
Adding to that, the Relative Strength Index (RSI) (14) is oscillating in the bullish range of 60.00-80.00, indicating that the bullish momentum is already active.
For further upside, a confident break above a six-month high of 172.17 will drive the cross toward a fresh seven-year high of around 172.50 followed by 08 January 2016 high at 173.38.
On the flip side, a breakdown below April 25 low at 165.42 will drag the pair toward March 01 high at 164.40 and March 07 high at 163.86.
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