GBP/JPY trades between 156.00 and 157.00

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


On Wednesday, the GBP/JPY currency exchange rate revealed that the 157.00 mark and a zone above it are acting as resistance. Meanwhile, despite being passed on Monday, the 156.00 level continued to act as support on Tuesday. Namely, the pair is trading in a 100-base point range throughout most of the week. In addition, the pair is ignoring the 50 and 200-hour simple moving averages and the weekly simple pivot point.

During Thursday's early trading hours, the rate appeared to be heading to the 156.00 mark and the 155.87/156.00 zone. If the support zone holds, the rate could once again recover and test the 157.00/157.13 zone.

However, a decline below the 155.87/156.00 level might result in a move to the weekly S1 simple pivot point at the 155.30 level.
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