GBP/JPY decline aims at 159.00

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Source: Dukascopy Bank SA


The decline of the GBP/JPY currency pair has passed below all potential support levels in the range from 161.50 down to the 159.50 level. Moreover, the 159.50 mark was shortly pierced on Wednesday morning, before retracing to the 160.00 level.

If the Pound recovers against the Japanese Yen, the currency pair would encounter resistance in the 160.50 and 161.00 levels, prior to approaching the 161.25 level and the 50-hour simple moving average. The 161.25 level has been acting as both support and resistance throughout the previous week.

Meanwhile, a decline below the support of the 200-hour simple moving average near 159.80, the weekly simple pivot point at 159.66 and the 159.50 mark could result in the pair looking for support in the 159.00 and 158.50 levels.
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