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28 Feb 2014
GBP/JPY points to the downside in Asia
FXStreet (Córdoba) - The GBP/JPY is falling early in Asia, back under pressure, trading below 170.00. After recovering sharply during the European and the American session rising almost 150 pips from 169.04, found resistance at 170.55.
Despite the rally the GBP/JPY was unable to rise above 170.60 and lost momentum in Asia, as the Yen strengthened across the board. Recently reached a fresh daily low at 169.89.
Price is still far from yesterday’s low but momentum points to the downside. Potential support levels lie at 169.70 and 169.00/05 (February 27 low). To the upside resistance levels could be located at 170.55/60 (American session high) and at the 171.00 area.
Despite the rally the GBP/JPY was unable to rise above 170.60 and lost momentum in Asia, as the Yen strengthened across the board. Recently reached a fresh daily low at 169.89.
Price is still far from yesterday’s low but momentum points to the downside. Potential support levels lie at 169.70 and 169.00/05 (February 27 low). To the upside resistance levels could be located at 170.55/60 (American session high) and at the 171.00 area.