GBPJPY Update: Pullbacks are buying opportunity

AB=CD and Triangle Patterns achieved TP2.

Minor Retracement is likely.
Shorter-term prediction as described on the chart

Fundamentally:

The latest macroeconomic data set from Japan weighted the expectations for BoJ to announce further stimulus and increase the negative interest rate to 0.2 ( Actual 0.1) in the next MP meeting.

BoJ MP Statement Par 2: As for the policy rates, the Bank expects short- and long-term interest rates to remain at their present or lower levels as long as it is necessary to pay close attention to the possibility that the momentum toward achieving the price stability target will be lost.

Safe Haven Status in risk: Yen's safe-haven status is in danger lately as the impact of the coronavirus is very close to Japan, the second is the step-up in fears that Japan could fall into recession in the current quarter and the third is that the USD can offer both liquidity and yield.

Have a nice weekend!