GBP/JPY moves away from multi-month top, slides below 153.00 ahead of BoJ’s Ueda

GBP/JPY attracts sellers for the second successive day amid the post-BoJ JPY strength.

The BoJ rate-hike uncertainty and reduced bets for more BoE rate cuts to limit losses.

Traders now look to the post-meeting conference for some meaningful opportunities.

The GBP/JPY cross drifts lower for the second straight day on Thursday and retreats further from over a three-month peak, around the 199.80 region touched the previous day. Spot prices slide below the 198.00 mark after the Bank of Japan (BoJ) announced its decision during the Asian session, albeit remain confined in a familiar range held since the beginning of this week. 

As was widely anticipated, the BoJ decided to leave monetary policy settings unchanged on the back of the political uncertainty after Sunday's snap elections in Japan. In the accompanying statement, the BoJ reiterated that it will continue to raise policy rates if the economy and prices move in line with the forecast. This, along with fears of possible government intervention and nervousness ahead of the November 5 US presidential election, drive haven flows towards the Japanese Yen (JPY) and exerts some pressure on the GBP/JPY cross.