GBP/JPY finds support in 156.00

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Source: Dukascopy Bank SA


On Tuesday morning, the GBP/JPY currency exchange rate found support in the 156.00 mark. The event was followed by a surge, which passed the resistance of the 50 and 200-hour simple moving averages and the weekly simple pivot point.

If the currency pair surges, it could test the resistance of the trend line, which connects the recent February high levels and the 157.00 mark. A move above 157.00 might find resistance in the 157.50 mark, before aiming at the combined resistance of the 158.00 mark, the weekly R1 simple pivot point at 158.09 and the 2021 high level at 158.23.

However, a decline of the Pound against the Japanese Yen would look for support in the combination of the weekly simple pivot point, the 50 and 200-hour simple moving averages at 156.62, 156.50 and 156.37.
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