GBP/JPY Losing Ground

The pair suffered a devastating loss in the last recent sessions exiting the major downtrend channel. Since mid-August last year, GBP/JPY has been depreciating going from 196 to below 155. Currently, this week is the fourth consecutive week for the pair to end up in the red.

As it looks like, investors have lost confidence in the Sterling against the Yen and further decline might be expected. Lowest low for the week - 155.75, current market price - 155.90.

First support zone - 154.80 (a good buy position with a tight stop at 154.50).
First resistance zone - 159.60.

Above 162 a bull trend would be confirmed.

Chart: GBP/JPY W1