GBP/JPY analysis: Likely to trade within a range

Dukascopy Bank Team Dukascopy Bank SA

GBP/JPY

On Thursday, the British Pound fell by 131 pips or 0.83% against the Japanese Yen. The GBP/JPY currency pair breached the 156.67 support level during Thursday's trading session.

Everything being equal, the exchange rate could trade between the range of 158.18/156.67 levels within this session.

However, if the currency exchange rate breaks the 50– hour simple moving average resistance level at 157.58, buyers are likely to target the 159.00 area within Friday's trading 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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