Forex Trading: GBP/JPY Comes Under Pressure And Breaks Below Support

The GBP/JPY has moved back below the 100 hour MA at the 138.48 level.  The next key support comes in at the 137.25 level.  This has been low today and the low yesterday.

The move lower in the GBP/JPY also corresponds with a decline in the GBP/USD.  The pair is now down on the day once again (went down in London trade).  Overall, the pairs decline has been modest (compared with the EUR/USD at least), but it looks as if the string of up days for the pair (4 days up with higher highs), might come to an end today (we also do not have a higher high today).  This might suggest a period of consolidation for the GBP/USD.  A break of the low today at the 1.5116 level would target the 38.2% retracement of the last move higher in the pair.  That level currently comes in at the 1.4981 level.  This is also near the low from January 8th. The 100 hour moving average is also near this level.  Watch for a break of 1.5116.

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