The price chart of the GBP/JPY currency pair is starting to show gains in the trading pattern at the end of the week with the focus being on the meeting of the central bank of Japan in the Asian session just now.
The Bank of Japan (BOJ) is expected to keep interest rates at a low level of -0.10%, the result of Governor Haruhiko Kuroda's last meeting.
He reiterated the dovish signal by stating the central bank will not hesitate to increase policy easing if the situation calls for it.
The yen traded weak in the Asian session following the early European market session this afternoon.
The market's focus is on the release of UK economic growth data which affects the movement of the Pound currency.
Therefore, investors need to remain vigilant for price movements on the GBP/JPY chart.
The price which was previously flat in the 162.00 zone has started showing an increase to around 163.00.
Price movement above the Moving Average 50 (MA50) support level on the 1-hour time frame also gives an early indication for a trend change to begin.
The price increase will lead to around 164.500 before further climbing to the 166.00 resistance zone.
But prices can plummet if influenced by published data readings.
The decline in price will retest the price support level of 162.00 and if broken, the price is seen to reach around 160.500.
