GBP/JPY drifts down capped at 153.7 zone

FXstreet.com (Chicago) - GBP/JPY has touched 153.7 zone twice within the last couple of hours and drifts down on bearish pressure once that level is attained. The pair bounced off 153.19 lows earlier today but remains in the negative with 0.04% daily losses so far.

In the UK, banks are closed due to national holiday. The pound maintains 4-week gains despite retracement from 154.00 zone last week. In Japan the Nikkei failed to sustain 0.2% gains at opening to close down 0.18%.

GBP/JPY Technical Levels

Technically speaking, the pair trades at 153.56 between supports at 153.33 (July 18th highs), 153.00 (July 26th highs) ahead of 152.75 (August 19th highs) and resistances at 153.63 (August 20th highs), 153.89 (May 30th highs) followed by 154.21 (June 8th highs). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis.