GBP/JPY surges above 155.00

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Source: Dukascopy Bank SA


The 155.00 mark provided enough resistance to the GBP/JPY pair for it to decline and break the channel up pattern. However, this week, a recovery started. By the middle of Monday's trading, the currency exchange rate had reached the 155.30 level and the weekly R1 simple pivot point at 155.33.

If the rate declines from the 155.30 mark, the 50 and 200-hour simple moving averages could act as support near 154.50/154.60. Below the SMAs, the rate could look for support in the weekly simple pivot point at 154.12.

However, a surge would have to pass the weekly R1 simple pivot point at 155.33, before aiming at the 155.50 and 156.00 levels.
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