GBP/JPY finds resistance in pivot point

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


On Wednesday, the GBP/JPY found resistance in the weekly R2 simple pivot point at 157.80. The following decline resulted in the rate reaching below the 156.50 mark. During the second half of Thursday's trading, the rate was fluctuating between the 156.50 and 157.00 levels.

In the case of a decline, the pair is expected to look for minor support in the 156.50 mark, before aiming at the 156.00 mark. The 156.00 level has acted both as support and resistance during the first week of trading of 2022.

However, a surge of the GBP against the JPY, is highly likely to encounter resistance in the 157.00 mark and the 50-hour simple moving average, which is located at that level. Afterwards, a move above 157.00 might aim at the weekly R2 simple pivot point at 157.80. Meanwhile, note that the pair was mostly ignoring the weekly R1 at 156.73.
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