GBP/JPY passes below moving average

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Source: Dukascopy Bank SA


At midnight to Friday the GBP/JPY currency exchange rate reached the resistance of the 161.50 mark. Afterwards, a decline followed, which was expected to find support in the 50-hour simple moving average and the 160.50 level. However, the pair passed below these levels and by the middle of the day's trading had passed not only the mentioned levels, but also the weekly R2 simple pivot point at 160.01 and the 160.00 mark.

If the rate continues to decline, it might look for support in the 159.00 and 159.50 levels, before approaching the trend line, which connects the March 15 and 21 low levels. Note that previously there was a different trend line set up on the charts that represented more short term support.

However, a potential resumption of the surge would again encounter resistance in the 161.00 and 161.50 levels, prior to booking new high levels.
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