GBP/JPY bounces off pivot point

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


On Monday, the GBP/JPY currency exchange rate bounced off the resistance of the weekly R1 simple pivot point at 155.33. Afterwards, a follow up decline found support in the 154.50 mark and the 200-hour simple moving average. Since mid-Monday, the rate has been trading between the 154.50 and 155.00 levels.

If the pair breaks the resistance of the 155.00 mark, it would once again test the resistance of the weekly R1 simple pivot point at 155.33. Above the pivot point, the 155.50 level could act as resistance.

However, a decline below the 154.50 level might look for support in the 200-hour simple moving average near 154.40. Below the SMA, note the weekly simple pivot point at 154.12.
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