GBP/JPY recovers to 155.20

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


On Tuesday, the GBP/JPY recovered to the 155.20 level, which appeared to provide resistance. During Wednesday's trading, the pair was trading sideways between 155.00 and 155.20. In the meantime, the 50-hour simple moving average was approaching the currency exchange rate.

If the support of the 50-hour simple moving average causes a surge, the rate would face the resistance of the weekly R1 simple pivot point at 155.33. Above the pivot point, take into account the 155.50 mark, which acted as support during the middle of January.

However, a move below the simple moving average and the 155.00 level, could look for support in the trend line, which connects the recent low levels. Below the trend line, the 154.50 level might stop a decline, before the pair reaches the 200-hour simple moving average near 154.35.
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