GBP/JPY Attempting a Recovery, Moves Above 156.00 Mark
The GBP/JPY pair managed to extend its minor recovery and is currently trading at the high point of the day, back above 156.00 level.
Last
week, the pair got slammed from 162.57 to nearly 155.00 mark in just
two day on BoJ disappointment. It now seems to have found some support
near last week's low and attempting a bounce back from lower levels. The
pair is already down by over 20% from multi-year high levels touched in
2015.
Technical levels to watch
Sustained
strength above 156.00 mark seems to boost the pair further towards
156.60-70 horizontal resistance. Any further up-move beyond this
immediate resistance now seems to face stiff resistance near 158.75-80
zone. Only a convincing break through 158.75-80 resistance might now
increase prospects of further recovery in the near-term.
On the
flip slide, a reversal back below 155.00 psychological support would now
open room for further weakness in the near-term, towards testing its
next major support near 153.55-50 region.
