GBP/JPY trades above 166.00

Source: Dukascopy Bank SA


As the Japanese Yen continues to loose value against other currencies, the GBP/JPY rate has reached above the 166.00 level. However, the event was followed by a retracement back down. By the middle of Thursday's European trading hours, the pair had found support in the combination of the 165.00 mark and the 50-hour simple moving average.

In the case of the pair continuing to surge, there is no technical resistance except round price levels, which might slow down a surge. In the meantime, note that the Japanese government has issues statements about wanting to stop the ongoing sharp moves.

On the other hand, a decline of the Pound against the Japanese Yen might look for support in the 165.00 level, the weekly R3 simple pivot point at 164.13 and the August high level zone at 163.55/163.90.
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