GBP/JPY recovery tests 155.00 level

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Source: Dukascopy Bank SA


At mid-day on Thursday, the GBP/JPY found support in the 153.50 mark and started a recovery. By the middle of Friday's trading, the pair's surge was making a second attempt at passing the resistance of the 155.00 mark. Namely, the 155.00 level acted as resistance late on Thursday and at mid-day on Friday.

If the pair manages to reach above the 155.00 mark,it could find resistance in the weekly R1 simple pivot point at 155.29, before approaching the 155.50 mark. Higher above, note that the 156.00 mark might provide resistance together with the 200-hour simple moving average.

Meanwhile, another bounce off from the 155.00 level could look for support in the 154.50 mark and the lower trend line, which connects this week's low levels. Further below, note the 154.31 level, where the weekly S2 simple pivot point was located at.
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