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GBP/JPY slides further below 179.00 to fresh 8-month lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - After moving in a range during several days between 178.90 and 180.30, GBP/JPY broke to the downside today on European hours and dropped further, extending the decline that started back in November 18 from 188.80.

    Price accelerated below 179.00 and bottomed at 178.10, the lowest level since April 21. Afterwards, it managed to stabilize and during the last hours it has remained steady, consolidating losses, trading in a modest range between 178.50 and 178.15.

    A weak pound across the board pushed the pair to the downside on Tuesday.

    GBP/JPY technical levels

    To the downside, support levels might lie at 178.10 (daily low), 177.40/50 (Fibonacci 50% retracement of 2012 - 2015 rally) and 176.45 (March lows). On the opposite direction, resistance might now be at 178.50 (American session high), 178.90 (Dec 24 & 28 low) and 180.00 (psychological).
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