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GBP/JPY breaks below 178.00

FXStreet (Córdoba) - Cable is having the worst day since the beginning of September against the yen, but so far it has been able to hold above weekly lows. GBP/JPY broke below 178.00 and bottomed at 177.11.

Price action started Thursday moving sideways but near the end of the European session, the yen rose across the board and pushed the pair to the downside. After breaking below 177.60 (September 24 low) accelerated and fell quickly to 177.11.

During the last hours of the American session stabilized, held near the lows and finished trading around 177.30/35, 85 pips below the price it had a day ago.

GBP/JPY technical level

To the downside, immediate support lies at 177.10/15 (daily low) and below here at 176.60 (September 23 low) and 176.15. On the other side, resistance might lie at 177.80 (intraday level), followed by 178.50 ( September 25 high) and 179.15.

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