FXstreet.com (Barcelona) - GBP/JPY is last at 122.22 off session and weekly lows at 122.02, extending the decline started at the weekly open Monday and weekly highs at the same time 123.53, losing -1.05% since then. Soft economic data coming from China has pressed USD slightly to the upside against most majors including GBP, while also pushing higher on yen, thus making the cross GBP/JPY breaking to lower lows.
For fourth time since June 08 the cross has slowed the downside around these levels, only breaking lower in the July 23/26 lapse printing July lows at 120.80 on July 26, having recovered since then till past Friday's highs, the day after bottoming, at 123.80, another hard ask line that has been working as a selling point for the past month. Recent session 122.02 lows represent 0.38 retrace of this last up leg 120.80/123.80.
Immediate support to the downside for GBP/JPY shows at recent session and July 12 lows 122.02, followed by July 24/25 highs at 121.71, and July's low of the 26th at 120.80. For the upside, closest resistance comes at current levels and yesterday's lows 122.26, followed by Friday/Monday's lows at 122.46, and yesterday's/Thursday's highs at 123.02.
For fourth time since June 08 the cross has slowed the downside around these levels, only breaking lower in the July 23/26 lapse printing July lows at 120.80 on July 26, having recovered since then till past Friday's highs, the day after bottoming, at 123.80, another hard ask line that has been working as a selling point for the past month. Recent session 122.02 lows represent 0.38 retrace of this last up leg 120.80/123.80.
Immediate support to the downside for GBP/JPY shows at recent session and July 12 lows 122.02, followed by July 24/25 highs at 121.71, and July's low of the 26th at 120.80. For the upside, closest resistance comes at current levels and yesterday's lows 122.26, followed by Friday/Monday's lows at 122.46, and yesterday's/Thursday's highs at 123.02.
