17 Jan 2014
GBP/JPY eyes 170.00 after rejection from 171.70
FXstreet.com (Córdoba) - The GBP/JPY is quiet, early in Asia hovering around 170.60, at the same price level it closed on Thursday. On New York hours the pair reached a daily low at 170.20 and bounced slightly afterwards. Since then it has been moving sideways in a small trading range between 170.30 and 170.70.
Bearish outlook for the GBP/JPY
During Thursday's Asian session, a weak Yen send the GBP/JPY above the 171.60 resistance level, to 3-day highs but Cable was unable to hold and made a short-term reversal, falling 160 pips from 171.78.
So far the GPB/JPY has been unable to rise back above 170.75, suggesting that the bearish momentum still holds. To the downside, immediate support lies at 170.20 (January 16 low) and 169.75. A break above 170.75 could trigger a recovery; the next resistance would be located at 171.15 ahead of the 171.60 level.
Bearish outlook for the GBP/JPY
During Thursday's Asian session, a weak Yen send the GBP/JPY above the 171.60 resistance level, to 3-day highs but Cable was unable to hold and made a short-term reversal, falling 160 pips from 171.78.
So far the GPB/JPY has been unable to rise back above 170.75, suggesting that the bearish momentum still holds. To the downside, immediate support lies at 170.20 (January 16 low) and 169.75. A break above 170.75 could trigger a recovery; the next resistance would be located at 171.15 ahead of the 171.60 level.