GBP/JPY Weakens, Remains On The Defensive

Forex Trades • Nov 20, 2020 at 3:32 AM EST

GBP/JPY looks to weaken further in the days ahead as it holds on to its downside pressure. On the upside, resistance comes in at the 138.00 level where a violation will aim at the 138.50 level.

GBP/JPY looks to weaken further in the days ahead as it holds on to its downside pressure. On the upside, resistance comes in at the 138.00 level where a violation will aim at the 138.50 level. A break below here will target the 139.00 level followed by the 139.50 level. Conversely, support is seen at the 137.50 level followed by the 137.00 level. A cut through this level will set the stage for a move further lower towards the 136.50 level. Further down, support resides at the 136.00 level. All in all, GBP/JPY remains biased to the downside in the short term.

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