Although the Pound's trading performance this week looked more gloomy than last week, the Pound still managed to move better against the Yen.
Market risk-on sentiment with the recovery in global markets influenced the decline in the current value of the Yen due to the loss of investor interest in the safe-haven currency.
Therefore, due to that, the price on the price chart of the GBP/JPY pair is still showing a more positive bullish pattern compared to GBP/USD.
As for the movement of the Pound this week, investors are waiting for a speech by the Governor of the central bank of England (BOE), Andrew Bailey as well as UK economic growth data to be assessed in anticipation of the direction of the Pound at the close of trading over the weekend.
The bullish trend of the price on the GBB/JPY chart is still managed to be maintained entering the third week after the price has managed to jump from the support zone of 153.00 previously.
The latest 3 -week high was recorded on Wednesday yesterday reaching a level of around 156.800 after a rise in the European session, but the price declined again from that high until the end of the New York session.
The price increase can be seen in today’s trading (Thursday) in the Asian session and continued in the European session, but at a weak pace.
However, to expect the price movement to continue on a bullish trend, the price target is likely to head up to a high of around 157.700.
The level is a price resistance zone that was also tested in January for 2 weeks in a row but failed to pass the price.
As for the decline, after the initial signal for a change in the bearish trend, the price is expected to head to the RBS zone (resistance become support) at 155.200.
A lower decline beyond that zone will push expectations for the price to return to the previous 153.00 support zone.
