Forex: GBP/JPY below 130.00 near 7-day lows

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Forex: GBP/JPY below 130.00 near 7-day lows

FITITOL--> FXstreet.com (Barcelona) - GBP/JPY is currently trading at 129.63, near yesterday's and last 7 day lows at 129.36, and falling from yesterday's highs around 130.82. The cross is lower by -0.77% from previous weekly close past Friday, near yesterday's highs.

According to Fan Yang from FXTimes : “If there is a pullback it should respect the 130.50 area,” the analyst says, adding: “The bearish outlook from the breakout is valid until we break above the 131.00 central pivot in which case we are likely coming off a false break to the downside”. In case last lows would not hold, then Mr. Yang suggests: “it should fade further toward the next pivot/61.8% retracement in the 128.85-129.00 area.”

For the downside, immediate support for GBP/JPY comes at recent weekly lows and April 13 highs around 129.50, followed by April 06 lows 129.14, and April 09 lows 128.84. For the upside, closest resistance comes at April 23/27 lows 130.20, followed by yesterday's highs 130.9 0 and April 20/23/25/27 highs at 131.84.