GBP/JPY, on Tuesday, ignores technical levels

Note: This section contains information in English only.
Source: Dukascopy Bank SA


During the early part of Tuesday's trading hours, the GBP/JPY currency exchange rate initially passed below the support of the 50 and 200-hour simple moving averages and the recent low level trend line. The SMAs had kept the pair up throughout Monday.

However, the event was not followed by a sharp decline, as the pair started to recover almost immediately. By 08:00 GMT the currency rate had already surged and passed the resistance zone at 161.15/161.28.

If the currency pair continues to move higher, the GBP/JPY would encounter resistance in the weekly simple pivot point at 161.48 and the 161.50 mark. Higher above, take into account the trend line, which connects the recent high levels. Above the trend line, round exchange rate levels like the 162.00 and 162.50 might act as resistance.

Meanwhile, a potential decline might find support in the 161.15/161.28 zone and the 50 and 200-hour simple moving averages near 160.85. Below these levels, there is no technical support level. Meanwhile, observe that the 160.50 and 159.50 levels have acted as support.
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