9 Apr 2014
GBP/JPY fails to break 171.00 and trims gains
FXStreet (Córdoba) - The GBP/JPY was recovering ground on Wednesday after plummeting yesterday to 1-week lows at 170.00. Cable reached 171.05 during the European session the highest price of the day but failed to hold above 171.00 and lost momentum.
After Wall Street opening, amid a rising Yen across the board the GBP/JPY retreated and erased gains; bottomed at 170.45 were also Asian session lows lie. From there rebounded slightly and currently trades at 170.60/65, up 0.07% for the day.
Levels to watch for GBP/JPY
To the upside immediate resistance lies at 171.00/05 and above 171.60/65 (April 6, 7 highs). To the downside, below daily lows the next support might be located at 170.00, that is not only an important number but also where yesterday’s lows lie.
After Wall Street opening, amid a rising Yen across the board the GBP/JPY retreated and erased gains; bottomed at 170.45 were also Asian session lows lie. From there rebounded slightly and currently trades at 170.60/65, up 0.07% for the day.
Levels to watch for GBP/JPY
To the upside immediate resistance lies at 171.00/05 and above 171.60/65 (April 6, 7 highs). To the downside, below daily lows the next support might be located at 170.00, that is not only an important number but also where yesterday’s lows lie.