GBP/JPY Price Analysis: Monday’s 300 pips plunge paves the way toward 164.00 – by christianborjon GBPJPY Currencies Crosses Technical Analysis
GBP/JPY’s failure to hold around 168.00 exacerbated a fall to 165.00.Sterling extends its losses against the Japanese Yen amid a risk-off impulse as traders get to the sidelines ahead of the Federal Reserve Chairman Jerome Powell’s speech on Wednesday. In the FX space, risk-perceived currencies like the GBP were defensive against the safe-haven status of the JPY. At the time of writing, the GBP/JPY is trading at 165.71.
Therefore, the GBP/JPY first support would be the S1 daily pivot at 165.21. Break below will expose the 165.00 psychological level, followed by the S2 pivot at 164.83, ahead of the bottom-trendline of the descending channel at 164.00.
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