Price movements on the GBP / JPY currency pair chart are seen to resume resurgence in the European session today after seeing a slight decline by the Pound Sterling in the New York session yesterday.
The pound is still supported by central bank policy sentiment where the Governor of the Bank of England (BOE) has signaled not to implement negative interest rates in the near future.
This was a factor supporting the strengthening of the Pound this week even as the UK economy is facing movement restrictions to curb the spread of viral infections.
Meanwhile, the Japanese Yen is at risk of declining after the Japanese Minister of Economy Yasutoshi Nishimura informed that the COVID-19 emergency period in Japan will be extended depending on the development of viral infections.
Prices on the GBP / JPY chart show a bullish trend after this week's jump past the 141.200 resistance level with the latest high reaching yesterday at around 142.200.
The decline shown in the New York session yesterday has not yet surpassed the Moving Average 50 (MA50) support level in the 1-hour price frame supporting the price to rise again in today's trading.
Yesterday's height was tested again in the European session with the expectation that the rise will continue towards the 142,700 level.
The level was a price resistance zone that was tested in September last year but failed to break through the price before a decline.
However, if the price falls again, the RBS zone (resistance become support) 141.500-141.200 will be tested again.
A lower drop above the zone will push the price towards the 140.200 focus level and further the 139,600 price zone.
