GBP/JPY hovering around 169.00

FXStreet (Córdoba) - The GBP/JPY finished on Tuesday with a gain of 30 pips, hovering around 169.00. During the Asian session bottomed at 168.37 but then bounced to the upside and peaked at 169.28. Price was unable to break above 169.30.

Consolidations continues for the GBP/JPY

Since March 13 price is moving sideways between 169.70 and 168.00. Last week GBP/JPY traded momentarily below 168.00 but rose quickly back above. The short-term trend is sideways as trading continues to be dominated by consolidation.

The GBP/JPY continues to make lower lows and lower highs consolidating in smaller ranges and forming a short-term symmetric triangle.