Forex: GBP/JPY cracks 126.00 to multi-week lows
Forex pairs in this Article »
GBP/JPY
FXstreet.com (San Francisco) - The Japanese yen is well bid across the board as Greece-inspired risk aversion dominates market sentiment in Asia, and yen is now rallying to fresh 4-week highs against its British counterpart.
The 126.00 figure held as support for the last two days, and now persistent GBPJPY selling has extended as low as 125.65 after four successive days of printing losses, last at 125.70, down 0.4% so far this Tuesday.
Immediate support is now noted at 125.50 (Aug 21 high). A break below there could potentially open the door for a bearish run until 124.75 (Oct 11 low). Upside rallies may encounter resistance at 125.90 (Nov 9 low) and 126.20 (Sep 20 low).
The 126.00 figure held as support for the last two days, and now persistent GBPJPY selling has extended as low as 125.65 after four successive days of printing losses, last at 125.70, down 0.4% so far this Tuesday.
Immediate support is now noted at 125.50 (Aug 21 high). A break below there could potentially open the door for a bearish run until 124.75 (Oct 11 low). Upside rallies may encounter resistance at 125.90 (Nov 9 low) and 126.20 (Sep 20 low).
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