GBP/JPY finds support in pivot point

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Source: Dukascopy Bank SA


The resistance of the 164.10/164.25 zone was strong enough to cause a decline of the GBP/JPY. The decline eventually found support in the weekly S2 simple pivot point at 162.23. Afterwards, since the middle of Thursday's trading, the pair has been fluctuating around the 163.00 mark.

A surge of the Pound against the Japanese Yen would most likely test the resistance of the 164.10/164.25 zone and the 200-hour simple moving average. Meanwhile, the weekly S1 simple pivot point at 163.61 and the 164.00 level are not expected to slow down a move up. Above the resistance zone, take into account the 165.00 and 166.00 levels.

However, a decline of the GBP versus the JPY could look for support in the weekly S2 simple pivot point at 162.23 and the 50 and 100-hour simple moving averages. Below these levels, the pair might find support at 161.00 and 160.00, before reaching the Wednesday's low level at 159.80 and the weekly S3 simple pivot point at 159.82.
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