GBP/JPY breaks pattern

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


The GBP/JPY currency exchange rate has moved above the resistance line of the channel down pattern. On Wednesday, the rate traded around the 165.00 mark and ignored the round level's resistance and support. Meanwhile, it appeared that the 200-hour simple moving average was acting as support near 164.80.

In the case of the Pound surging against the Japanese Yen, the rate might encounter resistance in the weekly R1 simple pivot point at 165.37 and the 165.50 level.

On the other hand, a decline of the rate below the 200-hour simple moving average could look for support in the 164.50 level and the 50 and 100-hour simple moving averages, prior to reaching the weekly simple pivot point at 164.18.
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Wed, 27 Jul 2022 14:54:04 GMT

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