GBP/JPY pierces resistance zone

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Source: Dukascopy Bank SA


At mid-day on Friday, the GBP/JPY pair passed the resistance zone that is located at 157.00/157.12. In the meantime, support was being provided by the 50 and 200-hour simple moving averages and the weekly simple pivot point at 156.65/156.70.

If the pair continues to surge, the GBP/JPY rate might find resistance in the 157.50 and 158.00 levels, before reaching the 2021 high level at 158.24.

However, a decline of the pair would have to pass the 50 and 200-hour simple moving averages and the weekly simple pivot point at 156.65/156.70. Further below note the support zone at 155.87/156.00.
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