GBP/JPY Pulls Back After Hitting 9-Week High!
The price chart of the GBP/JPY currency pair has shown a bearish pattern for the past few days heading into the end of the week.The pound again traded weak again failing to defend the strengthening that had been shown when the UK manufacturing and services PMI data was published last Tuesday.Meanwhile, the Yen is seen to be putting pressure on the increasingly gloomy Pound.The focus is on the speech of Bank of Japan (BOJ) Governor candidate Kazuo Ueda at the start of the Asian session this morning (Friday) regarding his views on the central bank's monetary policy.Investors still don't see his bias towards either hawkish or dovish in policy setting, and failed to drive clear movement of the Yen in the market.Looking at the GBP/JPY chart this week, the price has reached a high of 163,700 on Tuesday's surge.This is the highest price has been recorded for a 9-week trading period.Towards the end of the week, the price is shrinking and continuing to trade today (Friday), the price is hovering below the 162.00 level.A lower decline would be expected with a bearish signal of price moving below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the GBP/JPY chart.The price is seen to be heading towards the 160,500 level which has become the price support level last week.Breaking through that level will target a lower drop reaching around 157,700.However, if the price bounces back above the 162.00 level and also crosses the MA50 barrier, the price is likely to resume its rise and head towards the previously reached highs.Next, the price will head to the 164,500 level to test the resistance zone and record the latest high.
The price chart of the GBP/JPY currency pair has shown a bearish pattern for the past few days heading into the end of the week.
The pound again traded weak again failing to defend the strengthening that had been shown when the UK manufacturing and services PMI data was published last Tuesday.
Meanwhile, the Yen is seen to be putting pressure on the increasingly gloomy Pound.
The focus is on the speech of Bank of Japan (BOJ) Governor candidate Kazuo Ueda at the start of the Asian session this morning (Friday) regarding his views on the central bank's monetary policy.
Investors still don't see his bias towards either hawkish or dovish in policy setting, and failed to drive clear movement of the Yen in the market.
Looking at the GBP/JPY chart this week, the price has reached a high of 163,700 on Tuesday's surge.
This is the highest price has been recorded for a 9-week trading period.
Towards the end of the week, the price is shrinking and continuing to trade today (Friday), the price is hovering below the 162.00 level.
A lower decline would be expected with a bearish signal of price moving below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the GBP/JPY chart.
The price is seen to be heading towards the 160,500 level which has become the price support level last week.
Breaking through that level will target a lower drop reaching around 157,700.
However, if the price bounces back above the 162.00 level and also crosses the MA50 barrier, the price is likely to resume its rise and head towards the previously reached highs.
Next, the price will head to the 164,500 level to test the resistance zone and record the latest high.
