GBP/JPY surges above 157.00

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Source: Dukascopy Bank SA


On Thursday morning, the GBP/JPY currency exchange rate jumped and reached above the 157.20 level. In the meantime, a channel up pattern was spotted on the pair's charts.

If the pair continues to surge, it would eventually reach the resistance of the 157.50 mark and the weekly R2 simple pivot point at 157.72. Meanwhile take into account the upper trend line of the channel up pattern.

However, a potential decline of the GBP against the Japanese Yen would most likely look for support in the weekly R1 simple pivot point at 156.80, before reaching the 156.50 mark and the 50-hour simple moving average.
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