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GBP/JPY – 155.58 the low ahead of data packed week

FXstreet.com (London) - The cross has dipped lower again in the US session extending losses when Japans economic minister said that the yens weakness could be ‘harmful’ to the economy.

The pair slid from 156.40 territory on Fridays high to open this morning in European markets much lower after the trading in Asia shed around half a big figure to below the 156.00 handle and now records a low of 155.58 at the time of writing.

This move is continuing to bring the bearish channels support in line within an overall uptrend targeting 156.75. (13th may high). 158.30 comes as next channel resistance and target. The pair is currently trading around the 155.80 support line. 155.40 and 155.10 are next support with key support in the ascending channel at 154.75.

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