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18 Dec 2013
GBP/JPY: consolidating around 167.00 after 100-pip drop
FXstreet.com (Córdoba) - Cable lost ground against the Yen for the third day in a row accumulating a decline of 275 pips from Friday's highs. The GBP/JPY ended the American session barely below 167.00, after hitting at 166.56 the lowest price since December 6th.
During the European session the decline accelerated after the price broke below 167.75 and bottomed a few hours later, 115 pips lower. Currently the pair is attempting to rise back above 167.00 but is finding resistance at 167.15.
GBP/JPY technical perspective
The pair holds a bearish perspective in the short-term as it holds below 167.40/50. The mentioned price zone capped the downside on Monday and last Wednesday.
“On the daily and weekly charts, the bias remains to the upside, thus I would consider any decline in the shorter time frames as a retracement of the longer-term uptrend”, said Marshall Gittler from IronFX Global Ltd.
During the European session the decline accelerated after the price broke below 167.75 and bottomed a few hours later, 115 pips lower. Currently the pair is attempting to rise back above 167.00 but is finding resistance at 167.15.
GBP/JPY technical perspective
The pair holds a bearish perspective in the short-term as it holds below 167.40/50. The mentioned price zone capped the downside on Monday and last Wednesday.
“On the daily and weekly charts, the bias remains to the upside, thus I would consider any decline in the shorter time frames as a retracement of the longer-term uptrend”, said Marshall Gittler from IronFX Global Ltd.