GBP/JPY reveals pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The GBP/JPY has continued to surge due to the support of the 50-hour simple moving average and the lower trend line of the channel up pattern. The pattern was spotted late on Thursday, as the pair pierced the 50-hour simple moving average's support, but still recovered.

On Friday morning, the rate had approached the 155.00 mark and the weekly simple pivot point, before retracing to the support of the 50-hour SMA and the lower trend line of the ascending channel.

If the rate resumes its surge, the GBP/JPY might pass the 155.00 mark and aim at the lone 155.50 mark. Above the 155.50 mark, note the 156.00 level and the weekly R1 simple pivot point at 156.06.

However, a decline below the 50-hour SMA and the support line of the ascending channel could look for support in the 154.00 mark. Although, the 154.00 had not acted as support since late Wednesday.
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