GBP/JPY 4H Chart: Likely to aim for 200-hour SMA
|The British Pound has been trading sideways against the Japanese Yen during the past week. However, a breakout occurred through the upper boundary of a descending channel pattern on June 6.
Currently, the exchange rate is stranded between a resistance level formed by the 100-hour SMA at 138.14 and a support line set by the 50-hour simple moving average at 137.55.
Everything being equal, it is likely that the GBP/JPY currency exchange rate will aim for the 200-hour SMA at 140.59 during the following trading sessions.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.