30 Jan 2014
GBP/JPY consolidates losses below 169.60
FXstreet.com (Córdoba) - The GBP/JPY fell sharply on Wednesday, closing at 169.40, with a daily loss of more than a hundred pips. With the decline price went back to the levels in had at the beginning of the week.
During the European session fell sharply bottoming at 168.86 and since then it has been moving in a range with support at 168.90 and resistance at 169.50. After the release of the FOMC decision tumbled to 168.70, but rebounded and rose back to the mentioned trading range.
GBP/JPY eyeing monthly lows
The pair is back under pressure on a strong Yen. The price failed to hold above 171.00 and pulled back under 170.00. The lowest level of the month was reached at 167.70 but the price has never been able to stabilized below 168.50.
With downside momentum prevailing, the pair could fall to test 168.50. On the upside, immediate resistance lies at 169.50 and above at 170.45.
During the European session fell sharply bottoming at 168.86 and since then it has been moving in a range with support at 168.90 and resistance at 169.50. After the release of the FOMC decision tumbled to 168.70, but rebounded and rose back to the mentioned trading range.
GBP/JPY eyeing monthly lows
The pair is back under pressure on a strong Yen. The price failed to hold above 171.00 and pulled back under 170.00. The lowest level of the month was reached at 167.70 but the price has never been able to stabilized below 168.50.
With downside momentum prevailing, the pair could fall to test 168.50. On the upside, immediate resistance lies at 169.50 and above at 170.45.