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GBP/JPY tumbles back to 153.05 support

FXstreet.com (Barcelona) - The GBP/JPY took a tumble Wednesday morning during European trading, falling nearly 60 pips in recent minutes off the 153.70 mark.

Given the recent weakness afflicting the cross, Mataf.net analysts point to the next level of supportive correction for the GBP/JPY at 153.05, then 152.37, and finally 151.58. On the ascension, resistive structures will trigger at 154.52, onto 155.31, and finally 155.99.

At the time of writing, the cross has now moved to the depths of 153.03/07, establishing fresh lows in these minutes, and incurring a robust loss of -0.56% below its opening. According to the ICN.com Technical Analyst Team, “The GBP/JPY retreated after testing the 154.70 high – the overhead resistance among 154.70-155.10 could be pivotal to resuming the bearish wave, where we still see price moving lower after testing this key resistance area.”

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