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1 Apr 2015
GBP/JPY falls to test March 31 lows; scoop for 168.00?
FXStreet (Tokyo) - The Sterling is falling against the Japanese Yen as the JPY is trading with a strong note on Wednesday. After falling 135 pips in the day, the GBP/JPY is now testing 177.05, Tuesday's lows.
Currently, GBP/JPY is trading at 177.30, down 0.36% on the day, having posted a daily high at 178.45 and low at 177.10. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish.
GBP/JPY Forecast
As Omkar Godbole early reported, "the British Pound came under sharp selling pressure after the GBP/USD fell below 1.48 levels. The short positions closed ahead of the financial year end yesterday, could have been re-entered today."
Richard Perry from Hantec Markets also commented in the FXStreet Forecast Poll that the GBP/JPY "momentum remains negative but the support around 176.00 is now in play again. This is key to preventing a big sell-off back towards 168.00."
British Pound to Japanese Yen levels
If the pair manages to break below the 177.00 area, it will find supports at 176.75 and 176.50. To the upside, resistances are at 177.70, 178.00 and 178.40.
Currently, GBP/JPY is trading at 177.30, down 0.36% on the day, having posted a daily high at 178.45 and low at 177.10. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bearish.
GBP/JPY Forecast
As Omkar Godbole early reported, "the British Pound came under sharp selling pressure after the GBP/USD fell below 1.48 levels. The short positions closed ahead of the financial year end yesterday, could have been re-entered today."
Richard Perry from Hantec Markets also commented in the FXStreet Forecast Poll that the GBP/JPY "momentum remains negative but the support around 176.00 is now in play again. This is key to preventing a big sell-off back towards 168.00."
British Pound to Japanese Yen levels
If the pair manages to break below the 177.00 area, it will find supports at 176.75 and 176.50. To the upside, resistances are at 177.70, 178.00 and 178.40.