GBP/JPY sells-off on BoJ sentiment ahead of Friday's meeting.
GBP/JPY drops into a potentially strong area of support in the 177.70/90s as per the hourly structure.
Bears also eye the Point of Control near 177.00 and then a swing support area at 176.50.
GBP/JPY collapses on a strong hint from Nikkei news that the BoJ will discuss dropping the 0.5% cap in 10Y JGB yields in Friday's meeting. The article has shaken up the sentiment surrounding the Bank of Japan whereby it was otherwise recently telegraphed by the BOJ Governor Ueda that there was "still some distance to sustainably achieve 2% inflation target" and that unless their assumptions on need to sustainably achieve 2% target changes the BoJ's "narrative on monetary policy won't change."
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