GBP/JPY unable to hold above 171.00

By FXStreet FXStreet (Córdoba) – The pound is rising versus the yen but moved off daily highs. GBP/JPY peaked during the Asian session at 171.28 boosted by risk appetite, but then the pound lost strength and pulled back.

During the American session, stocks in the US turned negative and crude oil dropped toward $30.00 a barrel (WTI) favoring the Japanese currency. GBP/JPY retreated and dropped toward 170.00.

It was trading at 170.15/20, up 0.13% for the day; but momentum was turning negative as USD/JPY dropped back under 118.00. So far today, for the first time after eight trading days, GBP/JPY did not reach new multi-month lows

GBP/JPY technical levels

To the downside, potential support levels lie at 170.00 (psychological), 169.75 (daily low) and 169.15/20 (Jan 12 low). On the opposite direction, resistance might be located at 170.70 (20-hour MA), 171.30 (daily high) and 172.25/30 (Jan 11 high).
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Source:: FX Street