GBP/JPY approaches low level

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Source: Dukascopy Bank SA


A run to safety started on Friday, as tensions over Ukraine increased. The event resulted in a strengthening of the Japanese Yen and a subsequent decline of the GBP/JPY currency exchange rate. On Monday morning, the pair appeared to be heading to the combined support of the February low level and the weekly S1 simple pivot point at 155.15.

If the currency exchange rate reaches below 155.15, the pair might find support in the 155.00 mark. Further below, there is no close by technical support. Due to that reason support could be looked for in the 154.50 and 154.00 levels.

However, a recovery of the pair would most likely encounter resistance in the 156.00 level and the 200-hour simple moving average near 156.20. Higher above, note the 156.50 mark and the weekly simple pivot point at 155.62.
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