GBP/JPY plummets below 165.00

Source: Dukascopy Bank SA


The GBP/JPY currency exchange rate has reached below the recent low level support line, the weekly simple pivot point, the 200-hour simple moving average and the 165.00 mark. The reason for the move is fundamental. The government of Japan has addressed the issue of a too low Japanese Yen. Namely, as measures of increasing the value of the Japanese currency can be expected, the markets have already started to adjust.

If the rate continues to drop, support might be found in the 163.50 level, the lower trend line of a channel down pattern and the support zone at 163.00/163.30. Below these levels, note the weekly S1 simple pivot point at 162.66.

On the other hand, a recovery of the Pound against the Yen is set to encounter resistance in the previously passed support levels at 165.00/166.00.
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