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30 Jan 2015
GBP/JPY erases weekly gains
FXStreet (Córdoba) - The pound is about to end the week unchanged against the Japanese yen, after being unable to hold to gains. On Tuesday the pair climbed to 179.40 and then started to pullback, accelerating to the downside today.
During the American session GBP/JPY bottomed at 176.10, reaching the lowest price since Monday. Near the end of trading it was trading at 176.50/70, marginally above the level it closed a week ago. It ended the month with a decline of more than a thousand pips, the worst performance since May 2012.
The pair is back near the 176.00 area that has become a medium term support level. During January the pound traded below the mentioned level on various occasions but it was rejected and managed to climb back above. A break lower could open the doors for another slide.
During the American session GBP/JPY bottomed at 176.10, reaching the lowest price since Monday. Near the end of trading it was trading at 176.50/70, marginally above the level it closed a week ago. It ended the month with a decline of more than a thousand pips, the worst performance since May 2012.
The pair is back near the 176.00 area that has become a medium term support level. During January the pound traded below the mentioned level on various occasions but it was rejected and managed to climb back above. A break lower could open the doors for another slide.