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On Tuesday, the support of the 50-hour simple moving average was enough to cause a surge of the GBP/JPY above the previous high level, as the rate touched the 166.25 level. During early Wednesday's trading, the currency pair had remained near 166.00. Meanwhile, the 50-hour simple moving average was approaching the rate from below.
In the case of the moving average pushing the rate up, the currency pair is expected to encounter resistance in the 166.25 mark. Higher above, there is no technical resistance as high as the weekly R2 simple pivot point at 167.13. However, take into account the 166.50 and 167.00 levels.
On the other hand, if the Pound loses value, compared to the Japanese Yen, the 50-hour simple moving average and the 165.50 mark are expected to act as support. Further below, note the 165.00 level and the 100-hour simple moving average.
Wed, 20 Jul 2022 09:39:38 GMT
Source: Dukascopy Bank SA
On Tuesday, the support of the 50-hour simple moving average was enough to cause a surge of the GBP/JPY above the previous high level, as the rate touched the 166.25 level. During early Wednesday's trading, the currency pair had remained near 166.00. Meanwhile, the 50-hour simple moving average was approaching the rate from below.
In the case of the moving average pushing the rate up, the currency pair is expected to encounter resistance in the 166.25 mark. Higher above, there is no technical resistance as high as the weekly R2 simple pivot point at 167.13. However, take into account the 166.50 and 167.00 levels.
On the other hand, if the Pound loses value, compared to the Japanese Yen, the 50-hour simple moving average and the 165.50 mark are expected to act as support. Further below, note the 165.00 level and the 100-hour simple moving average.