GBP/JPY breaks pattern

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


On Wednesday morning, the GBP/JPY currency pair broke the ascending channel pattern and declined to the 161.00 level. The 161.00 level acted as support and the rate retraced upwards.

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 161.50 level and the combination of the weekly simple pivot point at 161.70 together with the 50, 100 and 200-hour simple moving averages. Although, note that the recent decline of the pair ignored these technical levels. Higher above, take into account the 162.60 level, which acted as resistance during the first half of this week.
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Wed, 31 Aug 2022 17:30:50 GMT

USD/CAD recovers and breaks resistance

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