10 Apr 2014
GBP/JPY testing 170.00
FXStreet (Córdoba) - The GBP/JPY that during the Asian session reached 3-day highs above 171.50, weakened afterwards amid a weak Pound and a stronger Yen, and pulled back. The pair fell toward 170.00 but found support and attempted to recover again.
As price approached 171.00 on European hours lost momentum and currently is trading barely above 170.00 after reaching a fresh daily low at 170.06.
The area around 170.00 has become an important short term support that capped the downside on Tuesday and also on Thursday. Below the next potential support lies at 169.50 and 169.30. To the upside, immediate resistance lies at 170.80 - 171.00 (American session highs) and above here at 171.60 (April 7, 8 and 10 highs).
As price approached 171.00 on European hours lost momentum and currently is trading barely above 170.00 after reaching a fresh daily low at 170.06.
The area around 170.00 has become an important short term support that capped the downside on Tuesday and also on Thursday. Below the next potential support lies at 169.50 and 169.30. To the upside, immediate resistance lies at 170.80 - 171.00 (American session highs) and above here at 171.60 (April 7, 8 and 10 highs).