Previously, the resistance of the 200-hour simple moving average was enough for the GBP/JPY to decline to the support of the 50-hour simple moving average near 150.15. The SMA pushed the rate up into the resistance of the 150.50 mark up to 07:00 GMT on Wednesday. At that hour, the SMA failed, and the pair retreated to the support of the weekly simple pivot point and the 150.00 mark, which stopped the decline.
If the currency exchange rate passes the support of the weekly simple pivot point at and the 150.00 mark, a potential decline might first look for support in the 149.50 mark. Below the 149.50 level, support is being provided by the July, August, September and October low level zone at 148.46/149.30.
In the meantime, a recovery of the GBP against the JPY would most likely encounter resistance in the 200-hour simple moving average near 150.60. Above the 200-hour simple moving average, the weekly R1 simple pivot point at 151.19 is expected to act as resistance.
