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GBP/JPY recovers but still down for the week

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The pound is recovering across the board for the second day in a row and versus the yen continues to move off 2-week lows that reached on Thursday. GBP/JPY climbed recently to 161.77, reaching the highest level since Tuesday.

    Currently is trading at 161.50/60, 260 pips above yesterday’s but still more than 200 pips below the level it had a week ago. The pound is about to post a weekly loss after rising during the previous two weeks.

    GPB/JPY recovery halted

    The pair during February dropped below 155.00 to 2-year lows. Brexit fears and a stronger yen in the market weakened GPB/JPY. From those levels, it is recovering amid an improving global financial outlook, but Brexit fear remain and could limit the recovery.

    From a technical perspective, the key medium-term resistance is located around the 164.00 area (Jan low / March high); a break higher could trigger another leg higher. On the opposite direction, the area around 160.00 has become an import at short-term support: a daily close below could open the doors for a test of 2016 lows.
    For more information, read our latest forex news.
     

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