GBP/JPY reaches 161.50

Source: Dukascopy Bank SA


During the second part of Tuesday's trading hours, the GBP/JPY currency pair reached the 161.50 level. Meanwhile, note that the rate has been piercing the lower trend line of the channel pattern, which has been guiding the rate down. In general, it indicates that the decline of the Pound against the Japanese Yen might accelerate.

A move below the support of the 161.50 level would have no technical support as low as the weekly S2 simple pivot point at 159.87. However, take into account that the 161.00, 160.50 and 160.00 levels might slow down a potential decline.

In the meantime, a potential recovery of the Pound against the Yen would face resistance in the 162.00 level and the weekly S1 simple pivot point at 162.66.
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