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GBP/JPY breaks below 170.00, at fresh 15-month lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - GBP/JPY broke below 170.00 yesterday for the first time since October 2014 and then recovered but today resumed the decline and printed a fresh mutli-month low at 169.16.

    GBP/JPY without a relief

    On Monday, after falling momentarily below 170.00 the pair recovered and finished the day higher, above 171.00, with a gain of more than 70 pips, the best performance since early December. The rally found resistance at 172.30.

    But the recovery was short-lived. Today during the Asian session the pair started to move to the downside and the plummeted, weakened by a sharp decline of the pound across the board.

    GBP/JPY has fallen 1700 pips during the last 30 days and is now approaching the 38.2 Fibonacci retracement of the rally that took place from June 2012 (118) to June 2015 (195).
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