GBP/JPY finds support at 174.00

FXStreet (Córdoba) - GBP/JPY weakened during the Asian session and bottomed earlier in Europe at 174.00; then bounced to the upside and trimmed losses. Currently trades at 174.60 slightly below the level it close yesterday.

The decline of the pair was boosted by a recovery of the US dollar in the market. While USD/JPY remained steady in the last hours, hovering around 107.80, GBP/USD retreated after being unable to hold above 1.6200.

Despite falling on Thursday, the pair held above yesterday's lows and still holds some bullish momentum in the short term. To the upside, 175.00 is an important short term resistance and a break higher could boost the pound.