The Yen continued to strengthen to support the price on the chart of the GBP/JPY pair continued to make declines by setting a recent record.
The decline also saw the price display its latest 9 -week low of around 149,470 as well as almost looking to hit the most intact support zone since March 2021 at 149,000.
Thus the price pattern has also declined more than 150 pips in yesterday's trading (Wednesday) to remain moving below the Moving Average 50 (MA50) barrier level to continue to show a downtrend pattern.
The yen continues to gain support as a safe-haven currency at a time when market sentiment is still at risk due to the risk of a Covid-19 outbreak that is spreading nationwide.
While the Pound is still burdened on the deck due to uncertainty by the Bank of England (BOE) which still does not have a more significant signal in implementing policy tightening.
Therefore, investors will probably see the expectation for the price movement to be able to reach the support zone of 149,000 to be tracked should the price continue to show even lower declines.
The support fort is also expected to be the focus as the zone has often supported previous price spikes and the 148,000 zone is likely to be a new focus to target.
On the other hand, if the uptrend occurs again, the resistance trendline displayed will likely be reached before retesting the SBR (support become resistance) zone of 151.000.
A clearer uptrend will see the price move towards the SBR 152,000 zone before analysts expect the SBR 153,000 zone to likely be the next target.
