Since Tuesday, the GBP/JPY has been trading in range between the support zone at 152.55/152.75 and the resistance of 153.65/153.75.
However, on Thursday morning, the rate appeared to start to find resistance in the 153.00 level and the 50-hour simple moving average. The resistance of these levels was enough for the rate to move outside the borders of the support zone and shortly trade below the 152.50 level.
A passing of the 152.55/152.75 support zone could result in the rate reaching for the 152.00 level, which had impacted the rate in early October. Below the zone, the weekly S1 simple pivot point at 151.72 might stop a decline.
However, a recovery of the rate would have to first pass the resistance of the 50-hour SMA and the 153.00 mark before aiming at the resistance of the 153.65/153.75 zone.
