The GBP/JPY nears its 55 EMA on the 4 hour chart

The Pound has been rising versus the Yen for today and it is trying to visit its 55 period Exponential Moving Average (purple line) on the 4 hour chart, around the 172.15 level. That moving average is 15 pips above the 172.00 round number level; therefore that zone could become a good resistance for the pair. We must be attentive to a possible bounce to the downside; however, if the price breaks that zone to the upside, the pair could speed up its bullish momentum and try to reach the 200 Exponential Moving Average (blue line) on the same 4 hour chart, around the 173.81 level. The 173.81 zone has proven to be a good support area in the past and now that the 200 EMA is around that zone, this area could become resistance.