GBP/JPY aims at resistance zone

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Source: Dukascopy Bank SA


The GBP/JPY ended its retracement down at the 115.15 level. Since mid-Monday, the currency exchange rate has been recovering and passing resistance levels. Namely, the pair has passed above the weekly simple pivot point and the 50-hour SMA.

A continuation of the recovery of the Pound against the Japanese Yen could test the last week's high level zone at 156.50. If the pair breaks the resistance zone, it could aim at the weekly R1 simple pivot point at 156.81.

Meanwhile, a bounce off from the 156.50 mark is highly likely going to look for support in the 156.00 mark, which shortly acted as support on Tuesday morning. Further below, note the 50-hour simple moving average near 155.90 and the weekly simple pivot point at 155.60.
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