GBP/JPY Outlook (29 October 2020)

FX:GBPJPY   British Pound / Japanese Yen
Overall, GBP/JPY is ranging across. Recently, trended lower and bounced off the support zone of 135.35 after the market adopted a risk-off sentiment due to worsening COVID-19 condition and U.S. Presidential Election uncertainty.

It was reported yesterday that the UK and the EU have made progress in trade deal negotiations with a possibility of reaching a deal by early November.

The Bank of Japan (BoJ) will be announcing their monetary policy decision later at a tentative timing. It is likely that the central bank will keep their monetary policy unchanged.
Also, a press conference will be held after the monetary policy decision. During this time, volatility is expected.

Currently, GBP/JPY is bouncing off the support zone of 135.350 and the next resistance zone is at 137.500.
Look for short-term buying opportunities of GBP/JPY .
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