- The pound surpassed on Wednesday ahead of the Bank of England announcement on Thursday.
- Yen Under Pressure Amid Rising US Yields
- GBP / JPY is trading above the 20 SMA on the 4-hour charts, it fails at 156.00.
The GBP/JPY It gained momentum on Wednesday due to a stronger pound and a weak Japanese yen. The cross broke above 155.50 and jumped to 155.90, a two-day high.
The rally lost momentum near 156.00 and the pound declined modestly. The intraday bias remains positive. GBP / JPY is trading around two key levels: resistance at 156.00 and the 20 SMA on four-hour charts. If it manages to climb clearly above 156.00, the outlook would look brighter for the pound. The next resistance is at 156.40.
If the GBP / JPY cannot regain 156.00, it will hold the cross in a bearish channel. A close below 155.00 should expose the weekly low at 154.62. Below, the next support is at 154.40.
4 hour chart
Technical levels
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