GBP/JPY finds support in SMA

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Source: Dukascopy Bank SA


On Thursday morning, the GBP/JPY currency exchange rate found support in the 50-hour simple moving average and the 154.00 mark. This resulted in a surge, which by 10:00 GMT appeared to be about to test the resistance of the 154.50 level.

A passing of the resistance of the 154.50 level might aim at the combined resistance of the 155.00 mark, the 200-hour simple moving average and the weekly simple pivot point. Higher above, the 155.50 mark and the 156.00 level could act as resistance levels.

However, a decline of the rate is highly likely going to look for support in the 50-hour simple moving average at 154.00. Below this level, the rate could look for support at 153.50 and 153.00.
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