GBP/JPY Moves Higher

The Sterling saw a massive drop in its recent trading session and only yesterday the UK currency gained a bit traction to recover some of the losses. GBP/JPY moved higher in the last two trading days going from a low of 143.20 to a high of 145.30.

Currently, the pair is trading at 145.06, slightly lower than today's high. The pair reached a strong support zone on Tuesday when it touched on the lower line of the ascending long term trading channel.

We are yet to see whether the support will hold as the short term trend is aggressively bearish, the MACD still has room to go and the 200SMA is way above current market price.

Chart: GBP/JPY D1