GBP/JPY: recovery losses strength above 143.00
|GBP/JPY is consolidating modest gains on Monday, recovering after Friday’s decline. The pair bottomed last week at 142.12, the lowest level in a month and today it traded momentary above 143.00, before the recovery lost strength.
Today it reached a daily high at 143.07, and currently is hovering around 142.80/90, near last week lows and below the key 143.50 area.
Short-term trend still point lower
Despite today’s recovery, the pound continues under pressure with the pair moving below a downward trend line that currently stands at 144.50; a consolidation above that dynamic resistance, would add support for a stronger recovery and could remove the bearish bias.
Last week the pound suffered the fourth weekly decline in a row against the yen, as it continues to correct lower from 148.10 (May 5 high), the highest since mid-December.
To the downside, a slide below 142.50 would add more pressure to the pair, exposing last week lows and the 142.00 area. Below that area, the next medium-term support is seen around 140.50/60.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.