On Wednesday morning, the GBP/JPY currency exchange rate broke the high level zone at 150.67/150.77. However, the following surge appeared to have been stopped by the 151.00 mark.
A move above the 151.00 level could aim at the weekly R1 simple pivot point at 151.33. Above the pivot point, note the 151.50 mark and the resistance line of the October and November high levels.
If the pair declines, it could look for support in the 150.67/150.77 zone. Below the zone, the combination of the weekly simple pivot point at 150.35 and the 50 and 200-hour simple moving averages are highly likely set to act as support.
