28 Apr 2014
GBP/JPY breaking lower as Nikkei 225 weighs
FXStreet (Bali) - With the Nikkei opening -1%, Yen crosses have come under pressure, and GBP/JPY is now breaking lower through 171.50 support, posting a session low of 171.32.
Judging by the latest price action, bears appear to have the upper hand short term, with tests above 172.50 last week facing strong selling interest, despite better-than-expected UK retail sales.
On the daily chart, the area of 172.50 up to 173.00 has proven to provide formidable resistance for the GBP/JPY, reinforcing the current context of wide range-bound trading conditions between 173.00 and 168.00. Only a break of either side could unravel the present phase of distribution between bulls and bears.
Judging by the latest price action, bears appear to have the upper hand short term, with tests above 172.50 last week facing strong selling interest, despite better-than-expected UK retail sales.
On the daily chart, the area of 172.50 up to 173.00 has proven to provide formidable resistance for the GBP/JPY, reinforcing the current context of wide range-bound trading conditions between 173.00 and 168.00. Only a break of either side could unravel the present phase of distribution between bulls and bears.