GBP/JPY declines on Friday but still up for the week

Matías Salord FXStreet

GBP/JPY is falling on Friday and remains under pressure but still 185 pips above the level it had seven days ago. The yen strengthened in the market during the last hours of the American session and pushed the pair further to the downside amid a decline in Wall Street stock indexes and after press reports suggest that Prime Minister Abe postponed the sales tax hike.

GPB/JPY reversal

Early on Thursday it peaked at 158.47 but then turned to the downside hours later during the US session and today moved all day with a bearish bias. Recently ti bottomed at 156.10, the lowest since Tuesday. The pair erased part of weekly gains, but is still up after Monday and Tuesday’s rally, on the back of a weak yen. It failed to hold above 158.00 and retreat sharply.

Despite the weekly gain, it continues to trade near multi-year lows, unable to make a strong and sustainable recovery.

GBP/JPY technical levels

To the upside, resistance levels lie at 157.30, 158.00/05 ( May 10 & 11 high) and 158.45/50 (Mar 22 & 24 low 7 / May 12 high). On the other direction, support levels might be seen at 155.90 (May 5 high), 154.85 (May 2 & 5 low) and 154.35 (May 3 & 4 low).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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