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GBP/JPY declines further below 180.00

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - GBP/JPY broke below 180.00 and extended the decline. Recently bottomed at 179.13, the lowest level since April. The pair was trading at 179.20, down 0.55% for the day and almost 500 pips below last week highs.

    It remains under pressure as the pound tumbles across the board; the currency is the worst performer.

    GBP/JPY below the 100-week MA

    Today the pair is falling for the fourth day in a row and is consolidating below 180.00 and also under 180.30 (September an October lows) that were important supports. The next long term support that could be seen is the 177.50/70 area.

    The recent slide also brought the price under the 100-week MA for the first time since 2012. The technical outlook has weakened significantly for the pair that continues to look for support.
    For more information, read our latest forex news.
     

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