GBP/JPY respects pivot point

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Source: Dukascopy Bank SA


The surge of the GBP/JPY currency exchange rate has reached the resistance of the weekly R3 simple pivot point at 164.87. During the first half of Thursday's trading, it could be observed that the currency pair was trading in a 50 base point range around the 164.64 level, which is the March high level.

In the case of a continued decline, the currency pair might look for support in the combination of the 164.00 mark, the 50-hour simple moving average and the lower trend line of a channel up pattern. Below these levels, note the 163.80 level, which previously acted as resistance. In addition, take into account the weekly R2 simple pivot point at 163.61.

On the other hand, a resumption of the surge of the Pound against the Japanese Yen would have to pass the weekly R3 simple pivot point at 164.87, before aiming at the 165.00 and 165.50 levels.
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