GBP/JPY surges above 152.00

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Source: Dukascopy Bank SA


The support of the 151.00 mark was enough for the GBP/JPY currency exchange rate to surge and break the channel down pattern. Afterwards, resistance was found in the 152.00 level. However, at mid-day on Wednesday, the currency pair passed above the 152.00 mark.

A continuation of the surge of the Pound against the Japanese Yen might encounter resistance in the 152.50 mark, the February low level at 152.67, the weekly simple pivot point at 152.87 and a resistance zone, which surrounds the 153.00 level.

On the other hand, a decline of the currency pair could look for support in the 152.00 mark, before approaching the 50-hour simple moving average near 151.60 and the 151.50 mark. Further below, note the 151.00 mark, which caused the recent surge.
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