GBP/JPY respects round levels

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Source: Dukascopy Bank SA


This week, the GBP/JPY has been finding support in the 163.00 level and resistance at 165.00. Meanwhile, the pair appears to be declining in a broad channel down pattern. During Tuesday's trading hours, the pair was descending from the resistance of 165.00 and by the middle of the day, the rate was below 164.00.

A continuation of the decline of the Pound against the Japanese Yen might find support in the 163.00 level. Further below, note that the 162.50 could slow down the pair, before the lower trend line of the channel down pattern and the weekly S1 simple pivot point are reached.

However, a potential upward move by the currency exchange rate is set to encounter resistance in the upper trend line of the channel and the 165.00 mark. Meanwhile, note that the GBP/JPY has been ignoring the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point.
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