GBP/JPY declines to 163.00

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Source: Dukascopy Bank SA


The GBP/JPY lost the support of the 167.00 mark and plummeted, during last week's trading. Moreover, on Monday, the rate passed the support line, which connects the April low levels.

A continuation of the decline of the Pound against the Japanese Yen might aim at the weekly S2 simple pivot point at 162.23, the 162.00 mark and the 161.00 level.

Meanwhile, a potential recovery of the rate might encounter resistance in the weekly S1 simple pivot point at 163.61 and the 164.00 mark.
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