GBP/JPY analysis: Surge stops before 157.50

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GBP/JPY

The surge of the GBP/JPY stopped at the 157.43 level, during late Tuesday’s trading. By the start of Wednesday’s European trading, the rate had retreated to trade below the 157.00 mark.

A continuation of the decline of the Pound against the Japanese Yen might look for support in the weekly R1 simple pivot point at 156.73. Below the pivot point, the combination of the 156.50 mark and the 50-hour SMA might stop a decline.

Meanwhile, a resumption of the surge would need to pass the 157.50 mark, before aiming at the weekly R2 simple pivot point at 157.80 and the 2021 high level at 158.23.