Forex: GBP/JPY finds support at 127.40

FXstreet.com (San Francisco) - The Sterling's sell off against the Yen has pared at 127.40 after falling around 140 pips from 128.80 to trades below 128.00 level and reach November's low at the mentioned 127.40.

Currently the GBP/JPY is trading at 127.80, 0.55% below opening price action. The pair shows a Strongly Bearish trend according to the FXstreet.com Forex Studies. In the 15 minutes time frame, the CCI, Momentum and ROC points bullish, while in the 1-hour chart, CCI, MACD, Momentum and ROC are bearish.

As for Resistance, GBP/JPY could face levels at 128.00, 128.40 (MA 200 hours) and 128.85. ON the downside, supports come at 127.40/50 zone, 127.00 and 126.70.

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