The price chart of the GBP/JPY currency pair today managed to reach a new high after surpassing the previous high on April 4, early last week.
The Pound managed to move better against the Yen, but investors will also be cautiously awaiting the latest indication from the speech by Bank of England (BOE) Governor Andrew Bailey at the New York session later tonight.
While the Yen continued to trade weakly with the focus on the change of position of the new Governor of the central bank of Japan (BOJ), Kazuo Ueda.
He who is seen to be in no hurry to change the BOJ's loose policy before, makes the Yen's performance expected to remain gloomy for now.
The bullish pattern has been displayed again this week after the price decline last week was held at the RBS support zone (resistance become support) at 163.00.
The price movement that also moves above the Moving Average 50 (MA50) support level on the 1-hour time frame on the GBP/JPY chart remains a bullish signal.
After reaching the 166,200 level at the end of the New York session, prices continued to rise in the Asian session this morning, surpassing that level and also surpassing the highs reached last week.
This is the latest price high for the year.
The target for a higher increase if the price increase continues is to reach around 168.00 before the resistance in December trading last year around 169.00 will be tested.
On the other hand, if a change in price direction begins to take place, the price that plunges below 166.00 will stop and test around 164.500 while indications for a clearer trend change will be observed.
If it drops lower, the price will head back to the RBS 163.00 zone last week before reaching around 162.00 if the decline continues.
