GBPJPY

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.

 

This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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