GBP/JPY faces resistance above 163.00

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Source: Dukascopy Bank SA


Since early Tuesday's trading hours, the GBP/JPY currency pair has been trading between a support zone at 162.00/162.20 and resistance at 162.95/163.30.

A move below the support zone at 162.00/162.20 might look for support in the 161.75 level, the weekly R2 simple pivot point at 161.68 and the 100-hour simple moving average. A failure of this combination to hold is highly likely to result in a drop to 161.00.

Meanwhile, a potential surge of the rate above 163.30 would have no technical resistance as high as the weekly R3 simple pivot point at 164.69. However, take into account that the 163.50, 164.00 and 164.50 levels could act as support.
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