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UK Economy Accelerates, But GBP/JPY Stays Capped – Sell Toward 206 
- Pair surged more than 2% against US dollar after BOJ policy announcement and hit intraday high at ¥121.39 levels.
- BOJ loosened monetary policy on Friday when unexpectedly announcing a negative-interest rate strategy.
- According to the statement now banks will be charged 0.1% on any funds held at the BOJ.
- BOJ continues to conduct money market operations to expand monetary base at an annual pace of about ¥80 trillion per year.
- Currently pair is supported below ¥120.00 mark.
- Major resistance is seen at ¥120.33 level to confirm the bullish trend. Break will target ¥123.74 next.
- On the other side, support levels are seen at ¥119.76, ¥117.87 and ¥116.86 levels.
We prefer to take long position from ¥119.40, stop loss ¥118.41 and target ¥122.66 levels.
