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26 Aug 2014
GBP/JPY rejected off 172.70/80 key resistance
FXStreet (Bali) - GBP/JPY is trading under pressure due to Yen strength across the board during Asian hours.
There has been no triggers known that may have caused the 30-40 pips move seen since the Tokyo open, with stop loss hunting and unwinding of Yen shorts probably the most logic explanation behind the run.
Technically, the pair is faced with key parallel resistance at 172.70-80 ahead of further supply expected at 173.00 and descending trendline coming just above. On the downside, 172.00-10 presents first support now ahead of 171.60.
There has been no triggers known that may have caused the 30-40 pips move seen since the Tokyo open, with stop loss hunting and unwinding of Yen shorts probably the most logic explanation behind the run.
Technically, the pair is faced with key parallel resistance at 172.70-80 ahead of further supply expected at 173.00 and descending trendline coming just above. On the downside, 172.00-10 presents first support now ahead of 171.60.