GBP/JPY finds support in moving average

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


The consolidation decline of the GBP/JPY currency pair ended, as the rate reached the 50-hour simple moving average near 159.10. By 11:00 GMT, the simple moving average had pushed the pair through the resistance of the 160.00 mark and the weekly R2 simple pivot point. Next target for the currency exchange rate was the resistance of the 161.00 level.

If the Pound manages to reach above the 161.00 mark against the Japanese Yen, the pair would face no technical resistance as high as the weekly R3 simple pivot point at 162.76. However, it is highly likely that 161.50, 162.00 and 162.50 levels are set to slow down a surge.

In the meantime, a bounce off from the 161.00 level would have to pass the support of the 50-hour simple moving average, the 160.00 mark and the weekly R2 simple pivot point, before approaching the 159.50 and 159.00 levels.
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