FxWirePro- Woodies Pivot(Major) 
AUDJPY Holds the Line: Positive Bias Intact Above 109 – Dip Buyers Eyeing 112 Breakout? 
NZDJPY Pullback: Yen Strengthens on Takaichi's Election Victory – Buy the Dip Toward 96? 
EURGBP Breaks Above 0.8700 on Euro Surge: Bullish Momentum Builds Toward 0.8800+? 
FxWirePro- Major European Indices 
FxWirePro: USD/ZAR recovers slightly but bears are not done yet 
NZD/JPY Slips as Yen Strength Returns: Bears Eye Deeper Drop Toward 90.00 
FxWirePro- Major Crypto levels and bias summary 
FxWirePro: USD/CAD drifts lower, could be on verge of bigger drop 
GBPJPY Stuck in Tight Range: Bullish Bias Holds Above 211.50 – Dip Buyers Targeting 215 Breakout? 
FxWirePro: GBP/AUD extends drop, faces 23.6%fib support 
FxWirePro: NZD/USD firms, setting up for next leg higher 
Yen Roars Back: Sell AUDJPY Rallies to 109.30, Eye 106 Target 
The GBP/JPY traded in a narrow range between 188.15 and 190.31 in the past week. It hit an intraday low of 187.68 and is currently trading around 189.20. Intraday trend is bearish as long as resistance support 190.35 holds.
Bank of England Deputy Governor Dave Ramsden urged a "cautious and gradual" route to interest rate reductions, referencing heightened economic uncertainty from rising inflation and sluggish growth. He referenced a shift in inflation risks to "two-sided," or both inflationary and disinflationary pressures. Ramsden also referenced an eight-month high in pay growth as a potential source of inflation persistence. He was hesitant about the UK labor market outlook, suggesting that shifting conditions may necessitate a review of the rate-cutting rhythm. These remarks indicate the Bank of England's cautious monetary policy response amid prevailing economic uncertainties, following a recent rate cut to 4.5%.
Technical Analysis Points to Further Downside
The GBP/JPY pair is trading below 34 and 55 EMA (Short-term) and 200 EMA (long-term on the 4-hour chart, confirming a bearish trend. Immediate resistance is at 190.35, a breach above this level targets of 190.64/191/192. Any close above 192 in the 4-hour chart confirms further bullishness. Downside support is at 188 with additional levels at 187.65/187.25/186/185.
Market Indicators
CCI (50)- Neutral
Directional movement index - Neutral.
It is recommended to sell on rallies around 189.48-50 with a stop-loss at 190.35 for a TP of 187/185.
