GBP/JPY tests resistance zone

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


On Monday, the GBP/JPY currency pair once again tested the 160.70/161.00 zone. At 10:00 GMT, the rate appeared to have successfully passed the resistance.

A continuation of the surge of the pair is expected to encounter resistance in the 161.50 mark and the weekly R1 simple pivot point at 161.68. Higher above, note the May high level zones at 161.75/161.80 and 162.10/162.20.

On the other hand, a potential decline of the Pound against the Japanese Yen would look for support in the trend line, which connects the rate's low levels since May 24. In addition, note the 50-hour simple moving average near 160.28.
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