GBP/JPY analysis: Respects dominant pattern
|The GBP/JPY has bounced off the combination of the 150.00 mark, the weekly S1 simple pivot point at 149.93 and the lower trend line of the large scale channel down pattern, which has guided the rate since the middle of October. The event was followed up by a surge, which on Wednesday almost touched the 151.50 mark.
In the case that the rate passes the resistance of the 151.50 level, the 152.00 mark could be reached. Note that the 152.00 level's resistance was being strengthened by the weekly simple pivot point at 152.08. Above the 152.00 mark, note the 200-hour simple moving average near 152.65.
However, a decline of the GBP/JPY currency exchange rate might find support at 150.50 before once again reaching the 150.00 level and the weekly S2 simple pivot point.
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