GBP/JPY breaks resistance line

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


During the late trading hours of Wednesday, the GBP/JPY currency pair passed the resistance of the upper trend line of a channel up pattern and the 50-hour simple moving average. On Thursday morning, the pair reached above the 100 and 200-hour simple moving average and the weekly simple pivot point at 161.85. However, resistance was found in the 162.00 mark.

In the case of the Pound declining against the Japanese Yen, the rate might look for support in the this week's low level zone at 160.80/160.83. Further below, the 160.50 level might slow down a decline, before the weekly S1 simple pivot point at 160.14 and the 159.50/160.00 zone would be reached.

On the other hand, a recovery of the British currency and surge above 162.00 could encounter some resistance in the 162.50 and 163.00 levels, prior to reaching the 163.50 mark, the weekly R1 simple pivot point at 163.62 and the August high level zone at 163.55/163.90.
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Thu, 25 Aug 2022 11:35:58 GMT

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