GBP/JPY Price Analysis: Range-bound between 132.00/134.00, risks tilted to the downside

• Pound remains steady on Thursday versus US dollar and yen after Tuesday’s slide.
• GBP/JPY sideways, in a range with risks tilted to the downside.

The GBP/JPY pair spiked to 133.70 but it pulled back, suggesting that it is not ready for a bounce, while at the same time it rebounded from near 132.00.

Ahead of the Asian session, it is trading sideways, in a broad range with resistance in the band 133.70-134.00 and support at the 132.00 zone.

The chart shows risks tilted to the downside while under 134.00. A firm break under 132.00 would open the doors to more losses. The next barrier emerges at 130.60/65.

GBP/JPY daily chart