GBP/JPY recovers to 162.00

Source: Dukascopy Bank SA


The 159.50 level was enough to cause a major recovery of the GBP/JPY currency exchange rate. By the second part of Wednesday's trading, the pair had reached the 162.00 level.

A continuation of the surge and move above 162.00 is set to encounter resistance in the 200-hour simple moving average near 163.35 and the weekly simple pivot point. Higher above, note the 164.00 and 165.00 levels.

However, a decline of the Pound against the Japanese Yen could find support in the 161.90 level and the 100-hour simple moving average. Further below, note the 50-hour simple moving average near 161.35.
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