GBP/JPY reaches resistance line

Source: Dukascopy Bank SA


The GBP/JPY has surged to the resistance line, which connects the rate's high levels since late October. The surge was caused by risk on sentiment in the markets, which caused a drop of the Japanese Yen. The sentiment was created by the US Federal Reserve Monetary Policy Statement. The central bank decreased stimulus, as it observed a recovery of the global economy.

In the case that the rate passes the resistance line, it could find resistance in the 152.00 mark, before reaching the weekly R2 simple pivot point at 152.12.

On the other hand, a decline of the Pound against the Japanese Yen might find support in the 151.00 level. Further below, the previous high level zone and the 50-hour simple moving average are expected to provide support at 150.67/150.78.
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