GBP/JPY bounces off resistance zone

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Source: Dukascopy Bank SA


On Thursday morning, the GBP/JPY currency exchange rate bounced off the resistance zone, which is located above the 155.00 mark. Previously, it was not expected that the rate would score such sharp gains and reach higher than 154.00. If the currency exchange rate continues to decline, the pair might look for support in the 154.00 mark and the 50-hour simple moving average at it.

A move below the 154.00 mark might look for support in the 153.50 level and the 153.38/153.48 zone. Further below, note the zone that surrounds the 153.00 level and the weekly S1 simple pivot point at 153.03. Namely, the 152.90/153.15 zone is expected to act as support.

However, a recovery of the Pound against the Japanese Yen might test the resistance of the 200-hour simple moving average and the weekly simple pivot point at 154.91, before approaching the 155.00 level and the 154.98/155.20 zone.
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