GBP/JPY recovers despite piercing support

Source: Dukascopy Bank SA


Despite passing the support line of the channel down pattern on Tuesday, the GBP/JPY currency exchange rate did not decline. Instead, the pair traded sideways above the 155.00 level, before starting a surge at mid-day on Wednesday.

At mid-day on Wednesday, the rate had reached the resistance zone at 155.75/155.90. The zone had impacted the rate on October 14, as a resistance. Last week, the zone acted as support.

In the case of the GBP/JPY breaking the resistance of the 155.75/155.90 zone, a potential rate's surge could be stopped by the 200-hour simple moving average near 156.20. Above the SMA, the weekly simple pivot point at 156.48 and the 156.50 mark might act as resistance.

However, a decline would look for support in the 50-hour simple moving average near 155.30 and the weekly S1 simple pivot point at 155.18 before reaching the Tuesday's low level at 154.66.
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