GBP/JPY ends week flat

FXStreet (Córdoba) - Cable ended the week unchanged against the yen, but holding a slightly bearish bias in the short term. GBP/JPY bottomed on Tuesday at 176.62 and then bounced and peaked the same day at 178.72; after that moved all week sideways. On Thursday after being unable to hold above 178.00, fell modestly.

The decline found support during Thursday and Friday at 177.05/15 and then rebounded slightly to finish the week trading around 177.50.

Price action stabilized during the last few days after soaring in the previous two week more than 800 pips. The long term trend is still bullish but in the short term is not clear.

The strength of the US dollar favored the stabilization of GBP/JPY. The rise of USD/JPY was offset by a sharp decline in GBP/USD.