Despite shortly piercing the resistance of the 200-hour simple moving average, the GBP/JPY currency exchange rate returned to trade below it and declined. By the middle of Thursday’s trading hours, the rate had reached below the 150.00 mark, which appeared to have started to act as resistance.
If the pair continues to decline, it is expected to approach the support of the July, August, September and October low level zone at 148.46/149.30. Below the zone, the weekly S1 simple pivot point at 148.24 might stop a decline.
However, a recovery of the GBP against the JPY would highly likely encounter resistance in the 150.00 mark, the weekly simple pivot point at 150.09. Afterwards, the 50 and 200-hour simple moving averages are expected to provide resistance at 150.30 and 150.45.
