GBP/JPY reaches 151.50 mark

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Source: Dukascopy Bank SA


The GBP/JPY has once by one passed technical resistance levels and reached the 151.50 mark. In general, each technical resistance level managed to hold no longer than two hours before being passed. On Wednesday morning, the 151.50 level provided resistance and forced the rate into fluctuating sideways.

In the case that the rate passes the 151.50 mark, a potential target would be the 152.23 level, where the weekly R1 simple pivot point was located at. However, the 152.00 mark might act as resistance.

Meanwhile, a proper decline could look for support in the weekly simple pivot point at 151.01 and the 151.00 mark. Below the 151.00 level, the combination of the 50 and 200-hour SMAs might act as support near 150.60.
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