The GBP/JPY currency exchange rate broke the triangle pattern and surged to the resistance of the December 8 high level, which caused a decline. On Tuesday morning, the decline reached the support line of the December low level connecting trend line, and the rate recovered to the combined resistance of the 50 and 200-hour simple moving averages.
If the rate reaches above the 50 and 200-hour SMAs, the weekly simple pivot point at 150.35 might act as resistance. Higher above, the recent December high level zone at 150.67/150.77 might stop a surge.
However, a decline from the simple moving averages would have to pass the support of the December low level connecting trend line, before reaching the support of the weekly S1 simple pivot point at 149.56.
