Focusing on the opening of the European session this evening was the release of the latest UK inflation data which is the focus of the central bank, following yesterday's jobs report.
The annual reading of the UK consumer price index for March fell to 3.2% from 3.4% previously, slightly above market expectations of 3.1%.
However, this is the lowest rate since September 2021 after the highest UK inflation was recorded in October 2022 at 11.1%.
The Pound currency showed a positive reaction after the data was published by trading higher.
Investors watching price action on the chart of the GBP/JPY currency pair will want to see if the price is able to break through the 192,800 resistance zone tested since last week.
Prices have shown gains again at the opening of the week after a significant plunge at the close of trading at the end of last week.
If the higher increase succeeds in continuing, the price will also test the height level which is at 193.500.
The level was the highest resistance reached by the price last March which became the highest record since 2015.
If the 192.800 resistance zone fails to be crossed, it is possible that the price is at risk of experiencing a fall again like last week.
The decline could reach the 190.00 support zone that was reached last Friday before the price bounce occurred this week.
See the picture of the GBP/JPY pair chart below for your technical analysis reference.
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