The GBP/JPY cross remains under some selling pressure for the second successive day on Thursday and drops to the 182.
GBP/JPY drifts lower for the second straight day, though the downside remains limited. Intervention fears boost the JPY and turn out to be a key factor weighing on the cross. The BoJ’s dovish stance and a positive risk tone cap any meaningful gains for the JPY. Traders also seem reluctant to place aggressive bets ahead of the crucial BoE decision. 70 support, representing the 100-day Simple Moving Averages , during the early part of the European session.
The Japanese central bank reiterated its pledge to keep monetary policy ultra-loose until sustained achievement of the 2% price target comes into sight. Moreover, a minor change in its yield curve control policy pointed to a slow move towards exiting the decade-long accommodative regime. Apart from this, the risk-on mood – as depicted by a positive tone around the equity markets – could undermine the JPY and lend support to the GBP/JPY cross.
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