GBP/JPY remains near 160.00 level

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Source: Dukascopy Bank SA


Since hitting the low level zone at 159.05/159.15 on Wednesday, the GBP/JPY recovered until the pair encountered resistance at 160.87/160.92. By 09:00 GMT the pair had retraced downwards and found support in the 159.50 level.

If the currency exchange rate surges, the pair is expected to encounter resistance at the 160.50 mark and the 50-hour simple moving average. Higher above, note the resistance zone at 160.87/160.92. Above the resistance zone, note the 161.25 level.

Meanwhile, a potential decline of the Pound against the Japanese Yen is expected to look for support in the 159.50 level. Further below, take into account the recent low level zone at 159.05/159.15.
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