GBP/JPY analysis: Sets for breakout

Dukascopy Bank Team Dukascopy Bank SA

GBP/JPY

The 200– hour simple moving average provided resistance for the GBP/JPY currency pair on Wednesday. As a result, the Pound Sterling fell by 79 pips or 0.51% against the Japanese Yen during Wednesday's trading session.

Currently, the exchange rate is trading near the lower boundary of a descending channel pattern and could be set for a breakout.

If the breakout occurs, a decline towards the weekly support level at 154.07 could be expected in this session.

However, if the channel pattern holds, buyers could target the resistance line at 155.18 today.

Author

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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