GBP/JPY trades sideways

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


Since the middle of Wednesday's trading hours, the GBP/JPY has been trading between the resistance of the 166.00 level and the support of the 165.10 level. Meanwhile, the rate was ignoring the 50 and 100-hour simple moving averages and the weekly R1 simple pivot point at 165.71.

If the rate ends the sideways trading with a surge above 166.00, the recent high level zone at 166.10/166.25 is expected to slow down a mow upwards.

On the other hand, a decline of the currency pair might find support in the 165.00 mark, before reaching the lower trend line of a channel up pattern and the 200-hour simple moving average near 164.50.
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