GBP/JPY retraces downwards on Wednesday

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Source: Dukascopy Bank SA


At midnight to Wednesday, the GBP/JPY pair encountered resistance at 168.35/168.45. During the first half of the day's trading, the pair was looking for support, as the 166.73/167.09 zone was observed to be acting as one.

A move below the 166.73 level might look for support in the 50-hour simple moving average near 166.40 and the weekly R2 simple pivot point. Further below, note the 166.00 mark and the 100-hour simple moving average at 165.70.

However, a resumption of the surge of the Pound against the Japanese Yen would have to pass the combination of the 168.35/168.45 and the 168.50 mark, before booking new high levels.
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