FXStreet — The GBP/JPY is consolidating its marginal gains in the week’s kick-off, and recovered somewhat from the slump of the previous week. Last week, the currency was few to the lowest level in a month at 142,12 a floor. Today it was quoted from time to time over the brand of 143,00, could not hold the level, however, and turned back to the South.
The currency pair marked on Monday, a day high at 143,07 and was last updated on 142,80/90. The facility is located in the vicinity of the previous week’s lows and below the key mark of 143,50.
Short-term Trend is down
Despite today’s recovery movement, the pound Sterling remains under selling pressure. The currency pair traded below a bearish trend line, which is currently at 144,50. A consolidation also would make the way for a quick recovery simplus.
In the previous week, the pound Sterling recorded its fourth weekly loss in a row against the Yen. Since 5. May staged the currency pair to make a correction, which began from the highest level since mid-December 148,10.
The next supports now lie at 142,50, 142,00, and 140,50/60.
** FXStreet News Editorial, FXStreet**