Possible visit of the GBP/JPY to the 172.00 level.

The Yen has been strengthening for today versus most of its major counterparts after the better than expected fundamental releases out of Japan, which have shown that the Japanese economy is expanding at a higher pace than previously thought. This lowers the probability of the Bank of Japan implementing further economic stimulus for the time being. That is why we see on the daily chart below of the GBP/JPY that the pair has dropped and it is close to touching the 172.00 level. A visit of the pair to the zone of the 172.00 could give us a bounce to the upside from there or at least we may see it stall at that point. Besides this being a round number and psychological level, we also see that the 55 Daily EMA, purple line, is around that same zone and it could help provide further support to the pair around that zone.