GBP/JPY approaches 163.50 level

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Source: Dukascopy Bank SA


Due to a fundamental drop of the Japanese Yen on Monday, the GBP/JPY currency exchange rate surged and reached the 163.50 level. By the middle of the day's European trading hours, the pair appeared to be passing above the 163.50 level and the weekly R2 simple pivot point at 163.61.

A move above the weekly R2 simple pivot point might encounter resistance at the 164.00 and 164.50 levels, before approaching the March high level at 164.64.

Meanwhile, a decline of the Pound against the Japanese Yen might look for support at 163.50 and 163.00. Below the round levels, note the weekly R1 simple pivot point at 162.80.
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