At mid-day on Friday, the surge of the GBP/JPY pair ended at the 157.00 mark. Afterwards, a decline occurred, which found support in the 155.75/155.85 zone. On Monday morning, the pair was testing the resistance of the 55-hour simple moving average at 156.40.
If the pair manages to pass the resistance of the 55-hour SMA, next target for the surge would be the 200-hour SMA near 156.80. Above the SMA, a resistance line of a channel down pattern might be encountered near 157.00.
However, a decline of the GBP/JPY rate might look for support in the 155.75/155.85 zone. Below the support zone, the rate might find support in the lower trend line of the channel pattern near 155.00.
