GBP/JPY analysis: Bounces off support

Dukascopy Bank Team Dukascopy Bank SA

GBP/JPY

The Great British Pound declined by 92 pips or 0.61% against the Japanese Yen on Tuesday. The currency pair breached the 50– hour simple moving average during yesterday's trading session.

The exchange rate bounced off a support level at 149.65 during the Asian session on Wednesday. Most likely, the GBP/JPY could target the 150.72 level during the following trading session.

However, the 50– hour SMA at 150.21 could provide resistance for the currency exchange rate in the shorter term.

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Dukascopy Bank Team

Dukascopy Bank SA

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