GBP/JPY plummets and breaks pattern

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Source: Dukascopy Bank SA


The sideways trading of the GBP/JPY pair has ended with a decline below one support after another. Eventually, the 165.00 level, the lower trend line of a channel up pattern and the 200-hour SMA together with the 164.50 level were passed. By the middle of Friday's trading, the pair had already reached the 163.50 level.

If the decline of the Pound against the Japanese Yen continues, the rate could look for support in the 163.00 and 162.50 levels, before reaching the weekly S1 simple pivot point at 162.34.

However, a potential recovery of the rate might encounter resistance in the previous support levels at 164.50 and 165.00.
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