The GBP/JPY currency exchange rate’s recovery found resistance in the 200-hour simple moving average near 156.20. On Thursday morning, the rate declined and reached the support of the 50-hour simple moving average near 155.40.
A passing of the support of the 50-hour SMA could result in the rate looking for support in the weekly S1 simple pivot point at 155.19. However, the pivot point failed to hold for long during this week. Due to that reason the pair could decline to the this week’s low level at 154.70 or the weekly S2 simple pivot point at 154.41.
However, a recovery of the GBP/JPY rate might find resistance in the 155.74/155.87 zone, before once again testing the resistance of the 200-hour simple moving average.
