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Forex: GBP/JPY drops under 131.50

By FXstreet.com,  June 06, 2011, 07:05:00 AM EDT

FXstreet.com (Barcelona) - The GBP/JPY is once again showing light bearish pressure over the European session, dropping away from an overnight high of 132.30 and reaching as low as 131.20 by mid-day. The pair seems to find strong support at that level however, and currently attempts to recover 131.50.

While still mostly vulnerable to further downside movements amid a slightly buoyed Japanese yen, support should be expected at 130.75 (May 18 Low), 130.65 (Jun 3 Low), and later 130.41 (May 16 Low). Above, resistance is placed at 132.00 (Session High), 132.30 (Daily High) and 132.85 (Jun 2 High)




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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