GBP/JPY surge reveals resistance

Source: Dukascopy Bank SA


The 165.20/165.75 zone has been observed to have acted as resistance to the ongoing Pound's surge against the Japanese Yen. The resistance was strong enough to cause a decline. By the middle of Wednesday's trading, the pair had reached below the 50-hour simple moving average and the 164.00 level.

An extension of the ongoing decline could find support in the 100-hour simple moving average near 162.35 and the 162.00 level. Further below, note the 161.00 and 160.00 levels.

On the other hand, a potential surge of the Pound against the Japanese Yen would have to pass the 165.20/165.75 zone, the 166.00 level and the weekly R1 simple pivot point at 166.23. Higher above, there is no technical resistance as high as the weekly R2 simple pivot point at 170.87.
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Wed, 05 Oct 2022 11:22:15 GMT

USD/CAD finds support in 1.3500

The decline of the US Dollar against the Canadian Dollar eventually found support. The 1.3500 mark managed to hold and cause a recovery of the USD/CAD. By the middle of Wednesday's trading, the currency pair had reached the combined resistance of the 1.3600 level and the 50-hour simple moving average. A move above the 1.3600 level is expected to encounter resistance

Wed, 05 Oct 2022 11:04:04 GMT

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