GBP/JPY respects round levels

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


In general, the Bank of Japan tightens and the Bank of England reduces interest rates, which would mean that the trade is simple - JPY up and GPB down. However, due to the pair going down almost vertically. Eventually, it culminated in the pair reaching as low as 180.00, before a recovery started.

In mid-August, the rate had recovered to the resistance of the 190.00 mark. This level and other round levels have been observed to be acting as support and resistance.

A move above 190.00 could encounter resistance in the 200-day simple moving average near 193.00. Higher above, resistance is bound to be encountered in the 200.00 mark.

On the other hand, a decline of the GBP/JPY rate might look for support in the 185.00 level, prior to reaching the 178.00/180.00 zone.
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