8 May 2014
GBP/JPY tumbles below 172.50, 2-day low
FXStreet (Córdoba) - The GBP/JPY recently reached at 172.09 the lowest price in two days and remains near the lows trading at 172.15, down 0.35% for the day. So far the downside has been limited above 172.00.
After bottoming on Monday at 171.76 the GBP/JPY rebounded and climbed to 172.97 on Tuesday. The area below 173.00 also capped the upside on Wednesday. In the last three days ithas been moving sideways between 172.97 and 172.10/15.
GBP/JPY testing short term support
Price is testing a key short term support located around 172.00. A break lower could trigger an acceleration to 171.75 (May 5 low). Below the next support level might be located at 171.25/35. To the upside, potential resistance lies at 172.45/50 and above 172.85 and 173.00.
After bottoming on Monday at 171.76 the GBP/JPY rebounded and climbed to 172.97 on Tuesday. The area below 173.00 also capped the upside on Wednesday. In the last three days ithas been moving sideways between 172.97 and 172.10/15.
GBP/JPY testing short term support
Price is testing a key short term support located around 172.00. A break lower could trigger an acceleration to 171.75 (May 5 low). Below the next support level might be located at 171.25/35. To the upside, potential resistance lies at 172.45/50 and above 172.85 and 173.00.