The GBP/JPY at a key resistance on the Daily and 4 hour charts

The Pound versus the Yen has been strengthening for today and it has reached the so much anticipated resistance zone at the 173.52 level where the 55 period Exponential Moving Average on the Daily chart is, along with the 200 period Exponential Moving Average on the 4 hour chart. When the price reaches a moving average confluence area, especially between the Daily chart and the 4 hour chart, the zone becomes a very important resistance or support area. Therefore, we must be attentive to a possible bounce to the downside from this zone. If the price breaks above this resistance, then we could wait for confirmation of the breakout and then the pullback to the same area for a possible long entry.