GBP/JPY finds support near 156.00

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Source: Dukascopy Bank SA


The decline of the GBP/JPY currency pair eventually found support in the 156.00 level and the weekly S3 simple pivot point. However, both levels were pierced and the pair shortly traded at 155.60. Due to that reason a support zone at 155.60/156.00 has been marked.

If the rate continues to recover, the pair might encounter resistance in the 158.00 mark, the 50-hour simple moving average and the weekly S2 simple pivot point at 158.16. Higher above, note the combination of the 159.50 level, the 100-hour simple moving average and the weekly S1 simple pivot point.

Meanwhile, a potential decline the GBP/JPY would look for support at 155.60/156.00. Further below, the 155.50 and 155.00 levels could act as support, as they have provided support and resistance in March and February.
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