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GBP/JPY due a reversal in a descending channel?

FXStreet (Guatemala) - GBP/JPY is trading at 184.29, down -0.04% on the day, having posted a daily high at 184.62 and low at 184.05.

GBP/JPY is testing the upside of the 30 minute charts descending channel and may attract supply again if it is going to continue following the form of the price action since the channel was formed last week. This could equate to around a further cent or so of losses if 184 were to give and the descending support line were to be achieved on a break lower.

Although the Yen is on the back foot fundamentally, Sterling may continue to be pressured in a pro greenback environment as well this week with 1.5590 in cable being a critical support line that if finally broken could open up the downside. Whether it could drop lower to a greater degree than the greenback might be able to take the Yen higher is yet to be answered, with bulls targeting 120.00 if a recovery above 118.20 can be fully achieved.

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