20 Jan 2014
GBP/JPY drops toward 170.15 early in Asia
FXstreet.com (Córdoba) - The GBP/JPY started Monday on a weak note and recently reached a fresh low at 170.29, extending the retracement from 171.80 (January 17 highs).
At the moment of writing the pair is trading at the lows, down 0.45% so far, still facing selling pressure as the Nikkei 225 accelerates to the downside, falling more than 1% and as the Yen gains momentum across the board.
GBP/JPY eying key short-term support
To the downside immediate support lies at 170.10/10 (December 16, 17 lows). Since last Tuesday the GBP/JPY the pair has been moving inside a flat channel with support above 170.00 and resistance around 171.80.
Last week Cable traded momentarily above 171.70 two times but in both it was rejected, dropping sharply afterwards. For the next hours, the challenge for the GBP/JPY is to remain above above 170.15.
At the moment of writing the pair is trading at the lows, down 0.45% so far, still facing selling pressure as the Nikkei 225 accelerates to the downside, falling more than 1% and as the Yen gains momentum across the board.
GBP/JPY eying key short-term support
To the downside immediate support lies at 170.10/10 (December 16, 17 lows). Since last Tuesday the GBP/JPY the pair has been moving inside a flat channel with support above 170.00 and resistance around 171.80.
Last week Cable traded momentarily above 171.70 two times but in both it was rejected, dropping sharply afterwards. For the next hours, the challenge for the GBP/JPY is to remain above above 170.15.