GBP/JPY jumps to fresh YTD highs in post-BoJ trading action

The GBP/JPY cross finally broke out of its post-BoE consolidation phase and reclaimed the 152.00 handle for the first time since the historic Brexit referendum.

Against the backdrop of fading safe-haven demand, today's BoJ decision, to maintain status quo with its 'QQE with yield curve control' policy unchanged, failed to impress investors and continued weighing on the Japanese Yen.

   •  BOJ keeps economic assessment unchanged

The Japanese Yen lost additional ground after the BoJ Governor Haruhiko Kuroda showed readiness to add more stimulus in order to reach 2% price target. 

   •  BOJ’s Kuroda: BOJ will add more stimulus if needed

Meanwhile, the British Pound remained underpinned by growing market expectations for the BoE rate hike action in November, further reinforced by Wednesday's stellar UK retail sales, and further collaborated to the pair's strong up-move to nearly 15-month highs. 

Today's UK economic docket, featuring the release of UK Mortgage Approvals and Public Sector Net Borrowing figures, is unlikely to hinder the pair's post-BoE upsurge. 

Technical levels to watch

A strong follow through buying interest has the potential to continue lifting the cross towards its next major hurdle near the 154.00 handle, with some intermediate resistance near 152.60 level, the 153.00 handle and 153.40 area. 

On the flip side, any corrective slide below the 151.00 handle might continue to find fresh buying interest near the 150.55-50 region and hence, should limit any further downslide near the key 150.00 psychological mark.