Will GBP/JPY 'Jump' Again? - Kakiforex.com - Financial Market Media No. 1 in the World Will GBP/JPY 'Jump' Again? Will GBP/JPY 'Jump' Again?
InstaForex

June 25, 2021

Will GBP/JPY 'Jump' Again?

 The rise in prices on the GBP/JPY chart was also dampened by the results of the England central bank's monetary policy meeting in the European session yesterday.


The Japanese Yen is not seen as strong, but the price movement is more driven by the Pound which is the focus of investors.


A dovish -toned statement by the BOE has seen the Pound depreciate again until yesterday’s New York session after successfully performing well since the beginning of the week.


As of Wednesday's trade, the rising price was seen to flatten at the 155.00 level before the results of yesterday's BOE meeting pushed the price down to the 154.00 support level in the RBS (resistance become support) zone.


Investors are vigilant for a resumption of bearish trend signals for the GBP/JPY chart after the price started moving below the Moving Average 50 (MA50) resistance level on the 1-hour time frame.


For a clearer bearish trend, investors are waiting for the price to go lower past the RBS 154.00 zone to head back up to the 152.00 level.



Next, the lows reached earlier in the week around 151.300 will be tested before hitting the latest lows with initial expectations to the level around 150.600.


However, if the price manages to record a rebound, the 154.800 level is seen as a resistance zone that the price needs to break.


A higher rise will pass the 155.00 level before the price continues its rise towards the resistance zone at 156.00-156.500.