Overall, GBP/JPY is trending upwards. Recently, GBP/JPY broke the support zone of 156.000.
The UK CPI y/y data (Actual: 5.4%, Forecast: 5.2%, Previous: 5.1%) released yesterday indicated that prices in the UK hit the highest level since March 1992, a 30-year high level driven mainly by higher energy prices and supply chain disruptions.
During his testimony yesterday, Bank of England Governor Bailey highlighted that there are evidence of a second round of inflation effects.
Currently, GBP/JPY is trading towards the resistance zone of 156.000 and the next support zone is at 153.800. Look for short-term selling opportunities of GBP/JPY if it bounces off the resistance zone of 156.000.