FXStreet (Córdoba) – GBP/JPY continued its decline and dropped to test November lows but it managed to hold above. The pair bottomed at 184.30 and then bounced, trimming losses. It was trading at 184.70/80, down 0.50% for the day.

GBP/JPY correction continues

A week ago the pair reached at 188.80 the strongest level since August but it reversed the trend and started to fell. It fells constantly during the next four days, going from monthly highs to the lowest in two weeks.

From last week highs it has fallen more than 400 pips amid a stronger Japanese yen amid some risk aversion in financial market and a weak Pound, that today was among the worst performers. The decline pushed the pair below a short term uptrend line that was broken at 186.50.

GBP/JPY technical levels

To the downside, immediate support might lie at 184.30/40 (November low), 183.85 (Oct 28 low), 183.40. On the opposite direction, resistance could be seen at 184.80 (American session high), 185.60 (Nov 23 low) and 186.30 (20-day MA).

GBP/JPY continued its decline and dropped to test November lows but it managed to hold above. The pair bottomed at 184.30 and then bounced, trimming losses. It was trading at 184.70/80, down 0.50% for the day.

(Market News Provided by FXstreet)

By FXOpen