GBP/JPY returns to pre-rate-hike levels

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Source: Dukascopy Bank SA


At the end of last week, the GBP/JPY jumped due to the Bank of England hiking interest rates. However, the surge was stopped by the 156.50 mark. The event was followed by a decline, which on Monday morning passed below the support levels near 155.60 and reached the 155.50 level.

If the pair continues to decline, it would have to pass the 155.50 mark. Further below, the currency rate could find support in the 155.00 mark and the 200-hour simple moving average, before aiming at the weekly S1 simple pivot point at 154.70.

However, a recovery of the Pound against the Japanese Yen might encounter resistance in the weekly simple pivot point at 155.67 and the 50-hour simple moving average near 156.00.
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Mon, 07 Feb 2022 10:00:25 GMT

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