GBP/JPY hits fresh April lows

FXStreet (Córdoba) - A strong Yen pushed the GBP/JPY to the downside on Tuesday and to fresh lows for the current month below 170.70. Since the beginning of the week the price moved in ranges between 171.60 and 170.70 and recently broke to the downside, and bottomed at 170.58, the lowest price since March 28.

Currently trades at 170.68, down 0.28% for the day and near the lows. Cable is resuming the decline, extending monthly losses. A week ago the price reached 173.15 but then reversed and started to correct lower.

Levels for the GBP/JPY

To the downside support might be located at 170.35 (March 27 high), 170.00 and 169.50 (March 28 low). To the upside resistance now lies at 171.10, then a downside trendline from April highs and 171.50/60 (April 7, 8 high).