GBP/JPY 4H Chart: Likely to aim for 200-hour SMA

Dukascopy Bank Team Dukascopy Bank SA

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.

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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