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GBP/JPY about to post lowest daily close in 14 months

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - Despite rising against European currencies, the pound dropped again versus the Japanese yen and extended to seven, the streak of daily losses in a row. GBP/JPY has risen only two days since December 7.

    Today the pair again dropped more than a hundred pips and broke two relevant support levels, 175.70 and 174.87 (2015 low) and bottomed at 174.08, hitting the lowest level since October 2014.

    GBP/JPY decline unstoppable

    Not even better-than-expected economic data from the United Kingdom stopped the yen, that for the second day in a row is the best performer in the currency market.

    Despite showing oversold extreme readings, GBP/JPY still has not found support and remains under pressure. Today the area above 174.00 offered support. The recovery from the lows was limited by 174.60 and it was trading at 174.40/50.
    For more information, read our latest forex news.
     

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