GBP/JPY analysis: Supported by 50– hour SMA

Dukascopy Bank Team Dukascopy Bank SA

GBP/JPY

The British Pound declined by 48 pips or 0.31% against the Japanese Yen on Wednesday. The decline was stopped by the 50– hour simple moving average during yesterday's trading session.

All things being equal, the exchange rate is likely to continue to edge lower during the following trading session. The potential target for the currency pair could be near the 151.40 area.

However, the 50– hour SMA at 151.86 could still provide support for the currency exchange rate in the shorter term.

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Dukascopy Bank Team

Dukascopy Bank SA

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