Saturday, October 3, 2015

GBP/JPY rebounds sharply from 4-week lows

FXStreet (Córdoba) - The yen jumped in the market after the NFP and pushed GBP/JPY to 180.65, the lowest since early September. Afterwards during the American session bounced to the upside and erased all losses.

It peaked at 182.28, below daily highs that lie at 182.58, and currently trades at 181.85/90, up 60 pips for the day, the best performance since at least two weeks.

GBP/JPY back into the range

The recovery from the lows pushed the price aback above the trading range of the last few days. GBP/JPY has been moving since Monday’s US session between 181.00 and 183.00.

Despite the recovery the pair is headed toward the second weekly decline in a row but so far it is avoiding the lowest close since May, as long as it ends Friday above 181.00.

As it was mentioned the immediate key support lies at 181.00; while the pound remains above, a bounce could be expected, particularly if it consolidates above 183.00.

For more information, read our latest forex news.

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