The GBP/JPY price chart signals for further price declines with both the Pound and Yen also being the focus of investors over the weekend.
The European session on Thursday trading yesterday published some UK economic data with attention to the UK economic growth readings in the first quarter of 2022 saw declining figures add pressure for Pound trading.
Meanwhile, the Yen is seen along with other safe-haven currencies to strengthen in the market due to risky market sentiment with panic selling situations occurring including in the stock and crypto markets, making investors shift towards safer investments.
Therefore, market analysts see it as an indicator of the tendency for prices to decline even lower is likely to continue until next week’s trading.
This week, the price on the GBP/JPY chart is seen making a decline after flattening below the 162.00 resistance zone tested earlier in the week.
Heading into the weekend, the price remained moving below the Moving Average 50 (MA50) barrier level on the 1 -hour time frame, signaling a bearish trend movement.
As of Thursday's trading yesterday, the price had slipped to the 155.600 level before the resumption of price resumption on Friday tested the 157.700 level.
The lower decline if continued will pass the support of 155.600 with the target of further decline to go around 153.00 to record the latest 8 -week low.
Yet the price rises higher above the resistance level of 157.700 and passes the MA50 barrier, investors will evaluate as an early signal for a trend change to take place.
The rebound is seen to re -test the 162.00 resistance zone after the price fell below that level in early May trade.
