GBP/JPY: recovery losses strength above 143.00

Matías Salord FXStreet

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.

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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