GBP/JPY finds resistance in SMA

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Source: Dukascopy Bank SA


The GBP/JPY currency exchange rate has encountered resistance in the 200-hour simple moving average above the 151.00 mark.

If the 200-hour simple moving average pushes the rate down, the GBP/JPY might decline to the combined support of the 50-hour SMA and the weekly simple pivot point at 150.09. Below the SMA and the pivot point, support is being provided by the July, August, September and October low level zone at 148.46/149.30.

However, a potential move up by the GBP against the JPY, would have to pass the resistance of the 200-hour simple moving average and the weekly R1 simple pivot point at 151.19. Above these technical levels, note the 151.50 mark and the zone of previous week's high levels that surround it.
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