GBP/JPY declines on Wednesday

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The GBP/JPY bounced off the resistance of the weekly R1 simple pivot point at 161.85 and traded between the 161.00 and 161.85 level during the second part of Tuesday's trading. On Wednesday, the rate declined below the 161.00 level's support and by the middle of the day had reached below 160.00.

If the decline of the Pound against the Japanese Yen continues, the rate might look for support first in the 200-hour simple moving average near the 159.60 level and the 159.50 mark. Further below, the 159.00 level and the zone above it could act as support, before the pair reaches the combination of the 100-hour simple moving average and the weekly simple pivot point at 158.72.

However, a potential recovery of the currency pair could encounter resistance at 161.00, 161.50, the weekly R1 simple pivot point at 161.85 and the 162.00 mark together with the May 9 high level of 162.22.
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