GBP/JPY has worst week since March

FXStreet (Córdoba) - The GBP/JPY finished the week lower, pulling back from multi-year highs. On Friday the pair remained quiet, moving around 173.50. Yesterday fell to 172.93, the lowest price since June 30 and then bounced slightly to the upside, trimming weekly losses.

A strong yen pushed the pair to the downside and finished the week 170 pips lower, having the worst result since March. Despite the decline the main trend is still bullish.

GBP/JPY technical levels

To the downside, the important short term support could be located around 173.00, slightly above Thursday’s lows and then 172.35 (June 30 low). To the upside, resistance might be located at 173.80 and above here at 174.55 (July 9 high).