Ahead of the key economic data, BOE's quarterly inflation report, the pound is looking weak against JPY. At the latest session, the pair breached the previous high 184.33, but was unable to close above that. In case if the prices close above 184.33, it can challenge 185.50 and 187.50 in the near term. In today's session, we can expect huge volatility in the European market. Most people are expecting the dovish inflation report. In the early hours of today's session, the cross made high at 184.67, but rejected there and is trading below the opening price. The cross has hourly support at the 183.30 level. We recommend fresh buying above 184.40 with the targets at 184.67, 185.00, and 185.50 levels. On the down side, we recommend selling below 183.30 with the targets at 182.80 and 182.40 levels.
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