GBP/JPY recovery reaches above 165.00

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Source: Dukascopy Bank SA


On Monday, July 18, the GBP/JPY currency pair reached above the 165.00 mark and even pierced the 166.00 level. However, a consolidating decline followed the surge. On Tuesday morning, the currency pair had found support in the 50-hour simple moving average near 164.80.

If the Pound resumes its surge against the Japanese Yen, the currency rate might once again test the resistance of round exchange rate levels like the 165.50, 166.00, 166.50 and 167.00. Above the round exchange rate levels note the weekly R2 simple pivot point at 167.13 and the upper trend line of a channel up pattern.

However, a decline of the rate is expected to look for support in the 50, 100 and 200-hour simple moving averages near 165.00, 164.50 and 164.00.
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Tue, 19 Jul 2022 13:33:45 GMT

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