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.