GBP/JPY aims at 2015 levels

Source: Dukascopy Bank SA


The GBP/JPY currency exchange rate recently broke the resistance of the August high level zone. In the meantime, it can be observed that since the start of October the rate has been trending higher.

Next target for the ongoing surge is the early 2015 high level at 190.00. If this round exchange rate mark is passed, the 192.00 and 194.00 could act as resistance, before the pair reaches the absolute 2015 high level at 195.85.

However, in the unlikely case that the Bank of Japan finally stops its ultra easy monetary policy the GBP/JPY could come down. In this case the 186.50/186.80 zone, the 50-day simple moving average, the 180.00 mark and the 200-day simple moving average are to be watched as potential support levels. Below all these levels, the 176.30/178.15 range is highly likely set to act as support.
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