Towards the end of this week's trading, the price action pattern has started to change on the chart of the GBP/JPY currency pair.
Last Tuesday, the price managed to soar to reach a high level at 166,200, recording the highest level reached for this year, but the decline was witnessed again until yesterday's Wednesday trading.
The performance of the Pound remains gloomy and difficult to predict for investors, but the Yen currency is likely to gain due to the factor of concern about the global economic recession based on the current development of the stock and bond markets.
Pound investors will also be more alert for the uncertainty of the movement of the British currency following the banks also closed on Friday tomorrow.
The banking crisis and the issues that are currently hovering in the market remain the monitoring of investors to be alert for any surprises that may occur.
Looking at the GBP/JPY chart on Wednesday yesterday, the price continued to decline from the 164.500 level until it reached around the RBS (resistance become support) zone at 163.00.
The price movement that has been below the Moving Average 50 (MA50) barrier on the 1-hour time frame on the GBP/JPY chart since yesterday also gives a bearish indication.
If the downward trend continues after this, the price is seen to be heading around the 162.00 zone for a clearer downward trend movement.
However, if the price manages to jump again, the initial resistance that will be tested is seen at the level of 164.500, in addition to the MA50 barrier, the price will also try to break through.
If the price manages to continue its rise higher, the resistance at the height of 166.200 reached last Tuesday will come back into focus.
Next, the bullish trend will continue if the price continues to rise to the latest high.
