GBP/JPY holds near 8-month lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The pound attempted dot recover against the yen after falling last week to the lowest level since April, but the recovery was short-lived and is back below 180.00, moving toward the lows.

    GBP/JPY opened the week at 179.20, dropped toward 179.00 but then bounced to the upside, amid a decline of the Japanese currency. It peaked during the European session at 180.05 and quickly turned to the downside.

    Since then it has fallen almost a hundred pips and currently trades at 179.20/25, after finding support at 179.15.

    GBP/JPY near multi-month lows

    Last Thursday, the pair bottomed at 178.94 the lowest level since April. It posted the first weekly close under the 100-week MA since 2012.

    The pair holds a bearish tone and remains under pressure from a technical perspective, particularly after consolidating below 180.00 and 180.40 (August and September lows).
    For more information, read our latest forex news.

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