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29 May 2014
GBP/JPY rebounds at 169.50
FXStreet (Córdoba) - The GBP/JPY fell below 170.00 and bottomed on European hours at 169.52, reaching the lowest price since April 15. Afterwards bounced to the upside and currently is hovering around 170.00, slightly below the price it had at the beginning of the day.
It was the first time in a week for the GBP/JPY to trade below 170.00 and so far it was rejected but it remains under pressure as the Yen holds bullish momentum. The Pound dropped sharply yesterday across the board and attempted to recover today but so far it has been having difficulties rising above 170.00.
GBP/JPY down for the week
The pair is headed toward the worst weekly result since early March, as it trades 150 pips below the price it closed last Friday. So far the decline has been capped by the 169.50 area, that is a key support. If it breaks lower it could accelerate the decline.
It was the first time in a week for the GBP/JPY to trade below 170.00 and so far it was rejected but it remains under pressure as the Yen holds bullish momentum. The Pound dropped sharply yesterday across the board and attempted to recover today but so far it has been having difficulties rising above 170.00.
GBP/JPY down for the week
The pair is headed toward the worst weekly result since early March, as it trades 150 pips below the price it closed last Friday. So far the decline has been capped by the 169.50 area, that is a key support. If it breaks lower it could accelerate the decline.