GBP/JPY extends recovery above 164.00

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Source: Dukascopy Bank SA


The GBP/JPY currency exchange rate has broken the resistance of the trend line, which guided the rate's last week's decline, and the 50-hour simple moving average. The surge was caused by the 163.00 mark and the 162.75/162.95 zone providing enough support.

On Tuesday morning, the pair found support in the 50-hour simple moving average, surged and passed above the resistance of the 164.00 level.

Higher above, note the combination of the 164.50 level, the weekly simple pivot point at 164.51 and the 100-hour simple moving average. Above these levels, the 165.00 mark and the 200-hour SMA might stop the Pound against the Yen.

However, a potential resumption of the decline of the GBP/JPY would have to pass the 163.00 mark and the 162.75/162.95 range, before it reaches the 162.50, 162.00 and 161.50 levels that might provide support.
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