GBP/JPY Price Forecast: Bearish structure remains intact ahead of BoE and BoJ decisions
GBP/JPY trades on the front foot on Tuesday but remains confined to a narrow range following the Japanese Yen’s (JPY) sharp rally earlier this month.
The GBP/JPY currency pair maintains a bearish outlook as traders await decisions from the Bank of England (BoE) and Bank of Japan (BoJ). The pair trades around 209, up 0.32% on the day, as central bank events loom. The BoE is expected to keep interest rates unchanged at 3.75% for a sixth consecutive meeting, while the BoJ is anticipated to hike rates for the second time this year, reaching 1.25%.
The pair faces resistance levels at the 23.6%, 38.2%, and 50% Fibonacci retracements, along with the 200-day SMA. A break above these levels could indicate a shift in the bearish trend, while a decline below the recent swing low of 207 could lead to further losses.
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