GBP/JPY analysis: Bulls could prevail

Dukascopy Bank Team Dukascopy Bank SA

GBP/JPY

On Monday, the GBP/JPY currency pair bounced off the support level formed by the 200– hour simple moving average at 151.80. As a result, the Pound Sterling surged by 42 pips or 0.27% against the Japanese Yen during Monday's trading session.

All things being equal, the exchange rate could continue to edge higher during the following trading session. The potential target for buyers will be near the 152.80 level.

However, the currency exchange rate could encounter resistance at 152.60 within this session.

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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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