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The GBP/JPY pair dropped in the short term, which was natural after its strong leg higher. It could only test and retest the near term support levels before jumping higher again. The price is located at 187.56 at the time of writing. The bias remains bullish despite the current drop as the Yen Futures maintain a bearish outlook.
Fundamentally, the BOJ Core CPI reported only a 3.0% growth even if the traders expected a 3.4% growth. On the other hand, the UK BRC Shop Price Index increased by 4.3% less compared to 5.2% growth in the previous reporting period.
From the technical point of view, the GBP/JPY pair dropped within a down channel (flag pattern). This could represent a bullish formation.
It has found support on the 38.2% retracement level (187.03) and has now turned to the upside again. False breakdowns below 187.08 signaled exhausted sellers. Now, the instrument is challenging the 23.6% Fibonacci level (187.65). The downtrend line and 187.83 represent upside obstacles.
Testing and retesting the flag's resistance and registering false breakouts should announce a new sell-off. Still, only a bearish closure below 187.00 activates more declines and is seen as a selling opportunity.
Jumping and closing above the downtrend line and above 187.83 validates upward movement. This brings new longs.
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