GBP/JPY retraces upwards

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Source: Dukascopy Bank SA


After passing the support zone at 152.55/152.75, the GBP/JPY reduced volatility until the midnight to Friday. At midnight, the pair started a recovery, which pierced the resistance of the 50-hour simple moving average and almost touched the 153.00 level. However, by the middle of the day's trading, it appeared that the pair could resume its decline.

A potential decline of the GBP/JPY might look for support in the 152.00 level and the zone above it. The zone and the 152.00 level impacted the rate in early October. Further below, the weekly S1 simple pivot point at 151.72 could stop a decline.

Meanwhile, a surge of the rate could find resistance in the 153.00 mark before reaching the resistance zone at 153.65/153.75.
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Fri, 12 Nov 2021 13:27:40 GMT

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