GBP/JPY reveals sideways range

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


First of all, Dukascopy Analytics apologizes for the mistake of publishing the USD/JPY chart to the 28.03.2022 technical analysis publication of GBP/JPY. The chart codes got mixed up due to a human error of the analyst.

In the aftermath of the Bank of Japan bond buying announcement surge, the GBP/JPY retraced downwards. On Tuesday, it was clearly spotted that the rate has been trading between the support of the 161.25 level and resistance at 162.75.

If the pair surges above the 162.75 mark, the rate could encounter resistance in the weekly R1 simple pivot point at 162.93, before approaching the 163.50 and 164.00 levels.

However, a decline of the pair is expected to look for support in the trend line, which connects the second-half-March low levels, above 161.30. Below the trend line, the 161.25 level might once again act as support, prior to the pair approaching the 160.50 and 160.00 levels. In the meantime, note that the 50-hour simple moving average appeared to be ignored by the pair.
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