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13 Feb 2014
GBP/JPY rises back above 170.00, ends flat
FXStreet (Córdoba) - The GBP/JPY posted the third daily gain in a row and finished again above 170.00 after being able to recover. After bottoming at 169.23 the pair gained momentum and rose constantly during the American session on the back of a weak Yen, peaked at 170.37 and finished unchanged hovering around 107.25.
The Japanese currency was the worst performer during the American session and erased gains across the board while the Pound, after soaring on Wednesday, stabilized.
Cable is now headed toward the second weekly gain in a row, rising further after the downside correction found support at a weekly uptrend line, coming from March last week. Despite gaining more than 600 pips from February lows the pair is still trading below the price it had at the beginning of the year (171.50).
The Japanese currency was the worst performer during the American session and erased gains across the board while the Pound, after soaring on Wednesday, stabilized.
Cable is now headed toward the second weekly gain in a row, rising further after the downside correction found support at a weekly uptrend line, coming from March last week. Despite gaining more than 600 pips from February lows the pair is still trading below the price it had at the beginning of the year (171.50).