The British pound has been strengthening against the Japanese yen since December, when the UK and the European Union finally struck a trade deal.
The Bank of England gave a strong signal in February that it would not introduce negative rates. This hawkish statement boosted investor confidence in the pound. However, GBPJPY is approaching the three-year resistance level around 151.00 on the weekly chart. The pair is now trading at 149.00 and still has room to rise on the daily chart. The stochastic oscillator has pulled back from the overbought zone to the 65 level, which may also indicate further upside momentum. So the rate could grow at least towards the upper boundary of the Bollinger band, close to the mentioned resistance.
The bears are most likely preparing to take advantage of this strong level to push the rate lower. The 20 moving average could provide the first level of support and then the lower boundary of the Bollinger band around 145.00. A further drop below this level could mean a larger correction that could last for more weeks.