GBP/JPY surge reaches above 165.00

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Source: Dukascopy Bank SA


The GBP has continued to surge against the Japanese Yen. By the middle of Tuesday's trading, the pair had reached above 165.00. Meanwhile, it was observed that the 164.00 level was acting as support.

The ongoing surge could encounter resistance in the weekly R1 simple pivot point at 166.23 and the 166.00 mark by itself. Higher above, there is no technical resistance as high as the weekly R2 at 170.89. However, the 170.00 mark is highly likely set to act as resistance.

On the other hand, a decline of the pair below 164.00 might find support in the 50-hour simple moving average near 162.80. Further below, note the 162.00 level and the ascending 100-hour simple moving average.
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