GBP/JPY reacts to Bank of Japan

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


On Monday, the GBP/JPY currency exchange rate jumped. Actually, the Japanese Yen plummeted on all charts, as the Bank of Japan announced that it would buy an unlimited amount of ten year Japanese government bonds to keep the yields of the bonds down.

Due to the event, the GBP/JPY currency exchange rate reached the 164.65 level. This level acted as resistance and caused a decline of the rate below the 163.50 mark.

In the near term future, a potential surge of the Pound against the Japanese Yen would have to pass the resistance of the 164.65 level and the weekly R2 simple pivot point at 164.77. Higher above, note the 165.00 mark, which might act as resistance.

On the other hand, a decline of the currency pair is expected to look for support at 163.00 and the weekly R1 simple pivot point at 162.93, before reaching the 162.00 mark and the 50-hour simple moving average near 161.10.
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