The continued rise on the chart of the GBP/JPY currency pair shows that the price managed to maintain a bullish pattern for 3 consecutive weeks.
Although the Pound is at risk of depreciating, it managed to maintain its position against the Yen, which experienced further depreciation after the price surge phenomenon at the end of April.
Until now, the Japanese side has remained silent without commenting on the intervention measures in the market that are believed to have been carried out.
The pound managed to maintain its strengthening momentum despite the risk of a further fall as the central bank of England (BOE) has begun to signal that it is preparing to switch to monetary policy easing.
More interesting is the price movement that occurred on the GBP/JPY chart as the continued rise is seen getting closer to the highest level reached before, which is the highest since 2008.
The record was reached at the end of last April with a height around the 200,500 level before the price then plummeted significantly due to the sudden strengthening of the Yen.
The opening of the week in the first session yesterday saw the price start at 197.500 and continue the rising pattern until the following sessions.
As of the beginning of the European session this afternoon, the price is around the 198.900 level by maintaining a bullish movement above the Moving Average 50 (MA50) support line on the 1-hour time frame on the GBP/JPY chart.
The target for the continued increase in price is towards the 200.00 zone before challenging the highest record last April.
But if the price starts to show signs of a trend change, investors will be alert by evaluating the focus zones the price will go to.
The initial decline is seen to be around 197.00 which is seen as the nearest RBS (resistance become support) zone.
Once the bearish trend signal is clearer, the price will drop to the lower levels that were the focus before such as around 195,200 or 193,500.
