GBP/JPY breaks pattern

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Source: Dukascopy Bank SA


On Thursday, the GBP/JPY currency exchange rate broke the upper trend line of the channel up pattern and reached the 158.00 mark. However, the rate did not reach the 2021 high level at 158.23 and started a decline. By the start of Friday's European trading hours, the currency pair had found support in the 156.80 mark, the 50-hour SMA and the weekly R1 simple pivot point.

If the pair recovers, it could find resistance in the 157.50 level, the weekly R2 simple pivot point at 157.72, the 158.00 mark and the 2021 high level at 158.23. Any of these levels could hold and cause the rate to reverse. Namely, there is resistance every 20-30 base points.

On the other hand, a potential decline of the Pound against the Japanese Yen would have to pass the support of the levels near 156.80, before the rate reaches the 156.50 mark, which might act as support. Meanwhile, below the 156.50 mark, there is no support as low as the 156.00 level where the 200-hour simple moving average is located at.
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