7 Apr 2014
GBP/JPY's recovery stopped at 171.60
FXStreet (San Francisco) - The Sterling's recovery from 1-week low at 170.65 against the Yen found resistance at 171.60 where the pair was rejected and launched to trade back at 171.10.
The GBP/JPY is extending losses for third day and following the last Friday big decline from 173.10, the pair has accumulated around 200 pips bearish movement. Currently, the pair is trading at 171.18, flat on the day, having posted a daily high at 171.60 and low at 170.65.
GBP/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish. The 200 SMA is currently at 171.83, up from 171.30 at the last period close, and climbing on the hourly GBP/JPY chart.
Levels to watch
If the pair holds above 171.00, the GBP/JPY would face resistances at 171.30 (Hourly 200 SMA), ahead of 171.60 (Daily High) and 172.15. On the downside, 171.00, 170.65 and 170.30 are supports.
The GBP/JPY is extending losses for third day and following the last Friday big decline from 173.10, the pair has accumulated around 200 pips bearish movement. Currently, the pair is trading at 171.18, flat on the day, having posted a daily high at 171.60 and low at 170.65.
GBP/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish. The 200 SMA is currently at 171.83, up from 171.30 at the last period close, and climbing on the hourly GBP/JPY chart.
Levels to watch
If the pair holds above 171.00, the GBP/JPY would face resistances at 171.30 (Hourly 200 SMA), ahead of 171.60 (Daily High) and 172.15. On the downside, 171.00, 170.65 and 170.30 are supports.