16 Jul 2014
GBP/JPY flat, hovering around 174.25
FXStreet (Córdoba) - The GBP/JPY moved all day sideways around 174.25, the price it had at the beginning of Wednesday. Cable finished flat against the Yen consolidating after soaring on Tuesday.
A weak Yen and inflation data from the United Kingdom on Tuesday, pushed the GBP/JPY from 173.30 to 174.52. Pair failed to hold above 174.50 and pulled back.
On Wednesday price peaked at 174.41 and bottomed at 173.96, after the release of employment data from the UK, but quickly rose back toward the 174.25 area.
GBP/JPY holds near key resistance
Price remains near the 174.50 area that is key short term resistance zone, that capped the bullish rally on Tuesday and also last week. A break higher, could trigger another rally. To the downside support might be located at 174.00 and below here at 173.70.
A weak Yen and inflation data from the United Kingdom on Tuesday, pushed the GBP/JPY from 173.30 to 174.52. Pair failed to hold above 174.50 and pulled back.
On Wednesday price peaked at 174.41 and bottomed at 173.96, after the release of employment data from the UK, but quickly rose back toward the 174.25 area.
GBP/JPY holds near key resistance
Price remains near the 174.50 area that is key short term resistance zone, that capped the bullish rally on Tuesday and also last week. A break higher, could trigger another rally. To the downside support might be located at 174.00 and below here at 173.70.