GBP/JPY respects round levels

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Source: Dukascopy Bank SA


This week, the GBP/JPY currency pair was finding resistance and bouncing off round exchange rate levels. Namely, the 161.50 and 162.00 levels were acting as resistance. In the meantime, support was being provided by the 160.08/160.43 zone.

A move below the support zone could almost immediately encounter support in the 160.00 level. Further below, take into account the weekly S1 simple pivot point at 159.58, the 159.50 and 159.00 levels.

Meanwhile, a recovery is expected to encounter resistance first at the 161.00 level and the 50-hour simple moving average. Afterwards, the 161.50/161.60 and the 100-hour SMA might stop a potential surge.
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