GBP/JPY analysis: Two scenarios likely
|GBP/JPY
The GBP/JPY currency pair bounced off the support level formed by the 50– hour simple moving average at 157.00 on Tuesday. As a result, the British Pound rose by 109 pips or 0.70% against the Japanese Yen.
The exchange rate is currently trading near the upper line of an ascending channel pattern and could be set for a breakout.
If the breakout occurs, a surge towards the psychological resistance level at 160.00 could be expected within this session.
However, if the channel pattern holds, the currency exchange rate might make a brief retracement during Wednesday's trading session.
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.