On Monday the recovery of the GBP/JPY reached the 150.40 level, which appeared to serve as resistance. On Tuesday morning, the pair was making a second attempt at passing the resistance level. In addition, the 150.40 mark was reached by the 50-hour simple moving average.
In the case of a surge above the 150.40 level, the rate could find resistance at the 150.50 mark. Note that the 150.50 mark’s resistance is being strengthened by the 200-hour simple moving average. Above these levels, the next resistance was the weekly simple pivot point at 151.00.
On the other hand, a decline of the GBP against the Japanese Yen might look for support in the Monday’s low level at 149.54. A further continuation of the decline of the pair might find support in the weekly S1 simple pivot point at 149.36. However, take into account the 2021 low level zone at 148.50/149.35.
