GBP/JPY returns to 165.00

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Source: Dukascopy Bank SA


The GBP/JPY currency pair appears to have reacted to the risk on sentiment, which was caused by the US Federal Reserve at 18:00 GMT on Wednesday. Namely, the Pound surged against the Japanese Yen and shortly reached above the 166.50 level. Afterwards, a decline back to the 164.50 level occurred. On Thursday morning, the pair was trading around the 165.00 mark.

A potential surge of the Pound against the Yen could encounter resistance in the 165.50 and 166.00 levels. However, both of these levels failed to stop the Wednesday's fundamental surge. Meanwhile, note that the rate also ignored the weekly R1 simple pivot point at 165.37.

A decline of the currency exchange rate is expected to find support in the combination of the 100-hour simple moving average and the 164.50 level. In the meantime, the 50 and 200-hour simple moving averages appears to have no impact on the pair. In addition, the weekly simple pivot point at 164.18 has been ignored.
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