So far this week GBP/JPY has been range bound between 171.60 and 170.00. The resistance level goes back to February and this week we have seen multiple rejections from this level. Price action wise, the most notable rejection happened on Thursday, as the daily bar completely engulfed the previous day, rejecting off the resistance and closing at 170.39. This bearish price action pattern will put pressure on the support area today, even if low impact reports from BOJ slightly disappointing today. Japan Corporate Goods Price Index fell 0.1%, to 1.7% compared, while it was expected that it would remain at 1.8%; Japan ... (full story)