GBP/JPY reveals pattern

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


On Tuesday morning, it was spotted that since Friday the GBP/JPY currency exchange rate has been trading in a channel down pattern. In the meantime, support was being provided by the 151.00 mark. In addition, the 50-hour simple moving average had approached the upper trend line of the channel up pattern.

A potential recovery of the Pound against the Japanese Yen would have to pass the resistance of the channel down pattern and the 50-hour simple moving average. In the meantime, note that the 152.00/152.30 zone could act as resistance, as it captures the Friday and Monday high levels.

However, a decline of the currency exchange rate could find support in the 151.00 mark, before reaching the 150.50 mark and the weekly S1 simple pivot point at that level. However, take into account the support line of the channel down pattern.
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