GBP/JPY passes above 2021 high level

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


On Tuesday morning, the GBP/JPY shortly paused at the 2021 high level at 158.23, before piercing it and jumping up. By 10:00 GMT, the rate had already reached above the 159.50 mark. In addition, the pair had no technical resistance as high as 160.00, and it was expected to reach this level. Note the weekly R2 simple pivot point at 160.01.

If the Pound manages to surge against the Japanese Yen above the 160.00 mark and the weekly R2 simple pivot point, the rate would have no technical resistance. Namely, resistance might be found in round exchange rate levels, before the pair reaches the weekly R3 simple pivot point far above the rate at 162.76.

Meanwhile, a decline of the pair might look for support in the weekly R1 simple pivot point at 158.49 and the 2021 high level could act as support at 158.23.
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Tue, 22 Mar 2022 11:34:08 GMT

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