GBP/JPY near 169.00 after rebounding at 167.75

FXstreet.com (Córdoba) - The GBP/JPY started the week making big moves: initially plummeted to 167.75, reaching the lowest price since December 18 but then bounced sharply to the upside rising more than a hundred pips from the lows. The recovery found resistance below 169.00 and currently trades at 168.89, up 0.11% for the day.

A weak Yen across the board triggered the rally of the GBP/JPY. The Asian currency weakened after the release of central bank minutes and trade data from Japan. The Nikkei 225 is plunging 2.50%.

Technical levels for the GBP/JPY

To the upside immediate resistance lies at 169.15 (previous session high), 170.15 (January 16, 17 lows) and 170.75. To the downside support levels could be located at 168.30, 167.75 (daily low) and 167.50 (December 15 low).