GBP/JPY PULLS BACK AFTER OVERSHOOT ON BOE MEETING OUTCOME, UK DATA

• GBP/JPY pulls back from extremes after the recent bout of Yen weakness. 
• The Pound Sterling weakens after the BoE distribution of voting shows no-one voted for a hike. 
• Japanese PMI data shows steady progress higher, UK data is mixed. 

GBP/JPY is down over half a percent on Thursday, trading in the 192.000s, after a combination of the results of the Bank of England (BoE) policy meeting and weaker-than-expected UK PMI data, weighed on the Pound Sterling (GBP). 

An improvement in Japanese data, meanwhile, may have helped staunch the recent hemorrhaging experienced by the Yen (JPY). The Jibun Bank Manufacturing Purchasing Manager Indices (PMI) showed upticks in both Manufacturing and Services sectors in March. 

From a technical perspective, GBP/JPY looks overstretched after breaking out of the top of a Rising Wedge pattern on overbought momentum, according to the Relative Strength Index (RSI). A negative close on Thursday could signal an exit from overbought RSI, providing traders with a sell signal