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.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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