GBP/JPY Price Analysis: Tanks more than 200 pips on BoJ’s intervention threats

weaker yen and said that Japan “will take appropriate measures when necessary while maintaining close communication with the monetary authorities of each country.” At 165.51, the GBP/JPY collapses 1.31% as the New York session winds down.Negative sentiment weighed on global equities. US stocks fall off the cliff recording losses between 2% and 2.80%, as Wall Street head into the weekend.

In the case of the GBP/JPY, traders braced for safety and booked profits, validating the words from government authorities in Japan. The GBP/JPY seesawed around 168.00 at the beginning of Friday’s Asian session and tumbled on the statement’s release, reaching a daily low of 165.16.The GBP/JPY retreated from fresh YTD highs printed on June 9 near 168.72 and fled towards the 23.6%

retracement, drawn from the May 12 low towards June 9 high. Nevertheless, the GBP/JPY daily chart depicts the pair as upward biased, but Friday’s pullback might extend towards April’s 28 daily high at 164.25.cross probed the 50-simple moving average but failed to break below it and bounced shy of the S2 daily pivot point at 165.68. Also, the Relative Strength Index , albeit in negative territory, shifted upwards, opening the door for a cross over the 50 mid-line.

Upwards, the GBP/JPY would face resistance at the S2 pivot at 165.68. Break above would expose the 166.00 barrier, followed by the S1 pivot level at 166.70. On the flip side, the GBP/JPY first support would be the 50-SMA at 165.05. Once cleared, it would open the door towards the S3 pivot level at 164.67, followed by the 164.00 mark.

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