GBP/JPY breaks pattern

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Source: Dukascopy Bank SA


A fundamental announcement of the Japanese government beat down all Japanese assets and the Yen on Wednesday. Namely, the government announced recently that it would support Ukraine and NATO in a potential war with Russia.

The news have caused a gradual fundamental surge of the rate, which broke the post January 12 channel down pattern. In addition, during late Wednesday's trading, the pair pierced the resistance of the 154.50 mark. The 154.50 has been acting both as resistance and support in the past week.

A clear surge above the 154.50 mark could reach the strong resistance cluster at 155.00. Namely, the 155.00 mark, the 200-hour SMA and the weekly simple pivot point are expected to act as resistance.

Meanwhile, a decline could potentially look for support in the previously passed resistance line of the channel down pattern. Further below, note the 50-hour simple moving average near 153.70.
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