GBP/JPY declines below support zone

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


Despite the GBP/JPY rate not involving the US Dollar, the rate appears to have still felt an impact from the US Federal Reserve Rate hike on Wednesday at 18:00 GMT. Namely, the currency pair shortly reached below the support zone at 162.25/162.40, before surging up to the 163.50 level. The initial rate hike caused risk off sentiment. Afterwards, comments made by the Chairman of the Federal Reserve reversed the market sentiment. Due to these reasons the dip and following recovery occurred.

During the first half of Thursday's trading, the pair fluctuated between the 162.15 and 163.50 levels. The rate was expecting the Bank of England rate hike, which was scheduled for 11:00 GMT. Depending on the central bank's rate hike's details, the rate is set to surge or decline.

If the pair surges, it could test the resistance of the 164.00/164.25 zone. On the other hand, a decline could look for support only in the round exchange rate levels in the 160.50/162.00 range.
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