GBP/JPY surge bounces off pivot point

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


The surge of the GBP/JPY currency pair has encountered resistance in the weekly R3 simple pivot point at 168.72. The event resulted in a decline, which by the middle of Thursday's trading had reached below the 50-hour simple moving average near 167.45 and the 167.00 level.

If the rate continues to decline, support might be found in the weekly R2 simple pivot point at 166.41 and the combination of the 166.00 level and the 100-hour simple moving average. Further below, note the support line, which connects the rate's low levels since May 24.

On the other hand, a recovery of the Pound against the Japanese Yen is set to encounter resistance in the 50-hour SMA at 167.50, the 168.00 mark and the weekly R3 simple pivot point at 168.72.
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