The BOJ unexpected take that, it's tripled the pace of its buying stocks and property funds. The annual asset purchases will rise to around 80 trillion yens from 70 trillion yens. The yen is depreciating against USD, EUR and GBP. The cross GBP/JPY closed at the highest point in the previous month. The cross has resistance at 183.80 the 50.0 fib level. The pair is trading at 4-year high. The pair has monthly support between the 179.66 and 177.30 levels. In the daily chart, the pair made a double top at 182.15. We recommend fresh buying only above 182.15 levels. On the down side the pair has support at 180.73 previous swing high in the daily chart.
For an intraday view, the prices are closed and trading above hourly key moving averages in the h4 chart. For an hourly view, the support level exists at 181.30 and 181.00, resistance at 182.50. The hourly stochastic is indicating a pull back signal. We can see strong momentum on the north side above 181.82 with the target at the 182.15 levels. We recommend buying above 181.82 and selling below 181.00 levels.
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