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GBP/JPY reaches 171.50 bids, bounces to 172.00

FXStreet (Bali) - GBP/JPY had a major break to the downside during Wednesday, sending the pair over 1 cent lower after reaching its lowest since June 12 at 171.48, key swing low area that saw offers dry up.

After facing a key area of weekly supply above 175.00, the Sterling seems to have begun what looks like a short term bear trend against the Japanese Yen, with the latest breakout of 172.50 key horizontal support reaffirming the case for potentially lower levels ahead.

However, the hurdles to be faced by bears should be noticed, with 171.50-171.00 an area wheere a cluster of solid bids is expected. On the upside, any pick up in prices should see 172.50 - horizontal level - and 173.00/50 - supply imbalance - as value areas to reinstate short positions.

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