GBP/JPY fails at third test of 168.50

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


A third test of the 168.50/168.72 zone's resistance failed on Thursday. By the middle of Friday's trading hours, the GBP/JPY had once again declined below 167.00. Moreover, the pair traded below the Thursday's low level.

In the near term future, the pair might find support in the weekly R2 simple pivot point at 166.41 and the low level connecting trend line near 166.00 and the 166.00 mark itself. Below these levels, note the weekly R1 simple pivot point at 164.89 and the 200-hour simple moving average.

On the other hand, a move higher by the GBP against the Japanese Yen would have to pass the 167.50 level and the 50-hour SMA, before testing the resistance of the 168.50/168.72 zone.
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