GBP/JPY trades at 161.00/161.70

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


Since the start of Wednesday's trading, the GBP/JPY currency pair has been trading between the support of the 161.00 level and resistance at 161.70.

In the case of a Pound's decline compared to the Japanese Yen, the pair would have to pass the support of the 161.00 and 160.50 levels, and the weekly S1 simple pivot point at 160.73. Further below, the August low level zone is located at 159.50/160.10.

However, a recovery of the currency exchange rate would face resistance in the combination of the weekly simple pivot point at 161.70 together with the 50, 100 and 200-hour simple moving averages. Higher above, take into account the 162.60 level, which acted as resistance during the first half of this week.
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