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Forex: GBP/JPY recovers ground during the NY session

By FXstreet.com,  January 15, 2013, 12:34:00 PM EDT

FXstreet.com (Córdoba) - After being under pressure during the Asian and European session, the pound managed to stage an impressive bounce versus the yen, rising over 100 pips within the last hours.

GBP/JPY found support at a 5-day low of 141.63 and rallied toward the 142.80 during the American session before the 100-hour SMA acted as dynamic resistance. The pair has lost momentum and it is currently trading at the 142.50 zone, still down 0.9% on the day.

The yen strengthened on Tuesday after, to market's surprise, Japan's economy minister warned against excessive yen.




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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