GBP/JPY tests high levels

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


Throughout January, the GBP/JPY currency exchange rate has been making attempts to pass two high level zones that continue to act as resistance. On Wednesday, the pair bounced off the 157.72/157.77 zone and retreated to the 157.80 mark. During the early hours of Thursday's trading, the pair had recovered and moved above the resistance zone of 157.38/157.45.

If the GBP continues to gain against the Japanese Yen, another test of the 157.72/157.77 zone's resistance might occur. A move above the zone could find resistance in the 158.00 mark, before reaching the 2021 high level at 158.23.

However, a decline of the pair might look for support in the 50-hour simple moving average near 157.15. Although, the SMA recently failed to provide notable support. Below the 50-hour SMA, the 200-hour SMA near 156.80 might act as support. Further below the weekly simple pivot point is located at 156.61.
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