GBP/JPY stuck in a range around 154.00 handle

The GBP/JPY cross struggled to build on previous session's sharp recovery move from 2-1/2 week lows and seesawed between tepid gains/minor losses around the 154.00 handle. 

The British Pound came under some selling pressure following a news report that EU officials have rejected the City of London’s proposal for a free trade deal on financial services and failed to provide any fresh bullish impetus. 

Meanwhile, BOJ's reassurance to continue with its ultra-loose monetary policy stance did little to dent the recent JPY strength and further collaborated towards keeping a lid any meaningful up-move for the cross.

Moving ahead, the highly anticipated FOMC decision might trigger some volatility across the FX market and derive the Japanese Yen's safe-haven demand, which should eventually provide some impetus to the cross. 

Technical levels to watch

Immediate resistance is pegged near 154.40 level, above which the cross seems all set to aim back towards reclaiming the key 155.00 psychological mark before darting towards 155.40-45 supply zone. 

On the flip side, sustained weakness below mid-153.00s might negate any near-term bullish bias, turning the cross vulnerable to break the 153.00 handle and head back towards retesting 152.30 support area.