GBP/JPY Clocks Fresh 2-1/2 Year Low
GBP/JPY
slide continues with prices trading at a 2-1/2 year low of 153.80
levels. The cross is down for the third consecutive session.
Trading around 154.00
The
cross currently trades around 154.00 levels. It is an open ground for
JPY bulls now, given the BOJ and Japanese government officials are in no
hurry to intervene in order to stall JPY rise. Policymakers have also
talked about economy’s resilience to further appreciation in Yen.
Furthermore,
Brexit fears not only add to bearish pressure around the cross, but
also make it one of the most volatile pairs to trade.
GBP/JPY Technical Levels
The
immediate support is seen at 153.80 (daily low), under which the cross
could drop to 153.00. A violation there would expose 150.00 levels.
Conversely, acceptance above 154.52 (hourly chart resistance) could
shift risk in favor of a rise to 155.33 (hourly chart resistance) and
156.00 levels.
(Market News Provided by FXstreet)
