GBP/JPY soars as Bank of Japan holds rate steady

GBP/JPY edged higher to 194.70 mark after Bank of Japan made no shift in its monetary policy, dashing hopes for a rate hike. The Yen oscillated between gains and losses shortly after the decision came out however later traded precisely lower. Traders now have their eyes on Bank of England's policy meeting which will be conducted on Thursday. UK's central bank is expected to maintain the key interest rate at 4.50% which could keep the pair afloat. 
From technical perspective, GBP/JPY pair extends its winning streak beyond the 200 SMA on its daily chart pumping up hopes for further gains. However a shooting star candlestick formed on the daily timeframe signals some caution ahead as it's a sign of bearish reversal. 

GBP/JPY TECHNICAL ANALYSIS 

Technical Structure: Shooting star candlestick on daily, close below 200 SMA on daily, Consolidation on 4H.

Primary Trend : Uptrend

Intraday Trend/Intraday Strategy : Mildly Bullish to Neutral/ Buy on Support, Sell on Resistance

Major Support: 193.50, 192.50, 191.35 

Major Resistance : 194.75, 195.80, 196.60