GBP/JPY analysis: Reaches support of 156.00

Dukascopy Bank Team Dukascopy Bank SA

GBP/JPY

The GBP/JPY has continued to fail at attempts to pass the the two January high level zones. In the second part of Thursday's trading, the failures resulted in a decline of the currency pair. On Friday morning, the rate had reached the 156.00 level and the support zone that is located above it at 156.00/156.12.

If the currency exchange rate recovers from the support zone, it could retrace to the resistance of the weekly simple pivot point at 156.61. Higher above, the combined resistance of the 50 and 200-hour simple moving averages might stop a surge near 156.90.

However, a passing of the 156.00/156.12 support zone might reach the 155.50 level and the weekly S1 simple pivot point at 155.43. Below the pivot point, the 155.00 mark could act as support, as it did in early January.

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Dukascopy Bank Team

Dukascopy Bank SA

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