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13 Aug 2018
GBP/JPY Technical Analysis: Guppy sees little buyer action at 12-month lows
- The Sterling has lost nearly -4.5% against the safe-haven Yen in only two weeks as the already-weakened GBP gets faced down by the JPY as broader markets recoil on the back of renewed contagion risks stemming from Turkey.
- A thin calendar for Monday is unlikely to see much directional volatility for the pair as risk flows dominate traders' focus.
- Tuesday sees meaningful data for the UK, and traders will be awaiting Average Earnings numbers.
GBPJPY Chart, 15-Minutes
| Spot rate: | 140.69 |
| Relative change: | -0.05% |
| High: | 141.34 |
| Low: | 140.38 |
| Trend: | Bearish |
| Support 1: | 140.38 (current day low) |
| Support 2: | 139.26 (August 2017 low) |
| Support 3: | 138.65 (June 2017 low) |
| Resistance 1: | 141.34 (current day high) |
| Resistance 2: | 142.96 (38.2% Fibo retracement level) |
| Resistance 3: | 144.72 (previous week low) |