GBP/JPY tests resistance zone

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


As described in the first scenario on Tuesday, the GBP/JPY currency rate eventually reached the resistance of the recent high levels at 157.38/157.44. On Wednesday morning, the pair was testing the zone's resistance.

A move above the resistance zone could reach for the January high level at 157.75. If the high level does not stop a surge, the GBP might aim at the 2021 high level at 158.23 against the Japanese Yen. Above the high level, note the weekly R1 simple pivot point at 158.31.

However, a holding out of the high level zone at 157.38/157.44 might be followed up by a decline. A potential decline would most likely look for support in the 50-hour simple moving average near 156.90, before reaching for the combination of the weekly simple pivot point and the 200-hour simple moving average at 156.60. Meanwhile, note that the 157.00 round exchange rate level has not been observed as capable of impacting the rate.
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