27 Jul 2015
GBP/JPY: Will it resume the upside?
FXStreet (Córdoba) - The pound is about to end the day slightly lower against the yen, but far from the lows. GBP/JPY dropped during the previous three trading day making a correction after rallying from 185.00 (July 8 low) to 194.38 (July 17 high).
A weak pound and a resilient yen amid risk aversion pushed the pair to the downside n Asian hours. It bottomed during the European session at 191.00 and then moved to the upside, rising momentarily above 192.00. Price peaked at 192.19 and then declined modestly.
GBP/JPY correction over?
After falling constantly for several days, the pound could have found a support around the 191.00 area and from there it could resume the rally. A positive signal would be if it manages to break the immediate resistance located around 192.50.
On the opposite direction, if it drops below 191.00 and consolidates, correction could continue. Support levels under could lie at 190.55 (July 14 low, July 10 high) and 189.75.
A weak pound and a resilient yen amid risk aversion pushed the pair to the downside n Asian hours. It bottomed during the European session at 191.00 and then moved to the upside, rising momentarily above 192.00. Price peaked at 192.19 and then declined modestly.
GBP/JPY correction over?
After falling constantly for several days, the pound could have found a support around the 191.00 area and from there it could resume the rally. A positive signal would be if it manages to break the immediate resistance located around 192.50.
On the opposite direction, if it drops below 191.00 and consolidates, correction could continue. Support levels under could lie at 190.55 (July 14 low, July 10 high) and 189.75.