GBP/JPY shortly pierces resistance zone

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Source: Dukascopy Bank SA


The only notable update on the GBP/JPY charts is the fact that the rate shortly traded above the resistance zone at 162.25/162.29. However, shortly afterwards, the pair declined to trade back between 161.43/161.52 and 162.25/162.29.

Due to the piercing of the resistance zone, the scenario of a surge is more likely. If the rate surges above the 162.30 level, the 162.50 and 162.75 levels might act as resistance, before new high levels are booked.

On the other hand a decline below 161.40 might immediately find support in the 161.17/161.30 zone and the 200-hour simple moving average. Further below, note the 160.50 level, which acted as support during the previous week.
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