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The 165.20/165.75 zone has been observed to have acted as resistance to the ongoing Pound's surge against the Japanese Yen. The resistance was strong enough to cause a decline. By the middle of Wednesday's trading, the pair had reached below the 50-hour simple moving average and the 164.00 level.
An extension of the ongoing decline could find support in the 100-hour simple moving average near 162.35 and the 162.00 level. Further below, note the 161.00 and 160.00 levels.
On the other hand, a potential surge of the Pound against the Japanese Yen would have to pass the 165.20/165.75 zone, the 166.00 level and the weekly R1 simple pivot point at 166.23. Higher above, there is no technical resistance as high as the weekly R2 simple pivot point at 170.87.
Wed, 05 Oct 2022 11:17:10 GMT
Source: Dukascopy Bank SA
The 165.20/165.75 zone has been observed to have acted as resistance to the ongoing Pound's surge against the Japanese Yen. The resistance was strong enough to cause a decline. By the middle of Wednesday's trading, the pair had reached below the 50-hour simple moving average and the 164.00 level.
An extension of the ongoing decline could find support in the 100-hour simple moving average near 162.35 and the 162.00 level. Further below, note the 161.00 and 160.00 levels.
On the other hand, a potential surge of the Pound against the Japanese Yen would have to pass the 165.20/165.75 zone, the 166.00 level and the weekly R1 simple pivot point at 166.23. Higher above, there is no technical resistance as high as the weekly R2 simple pivot point at 170.87.