Thursday, October 15, 2026

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FxWirePro: GBP/JPY breaks major support at 172, hits fresh yearly low at 168.83, drop till 168 likely

GBP/JPY extends downside below 172 (resistance broken on 8th Jan) to currently trade at 169.35. Attempts of recovery on Wednesday were rejected at 171.29 asserting more downside. The pair hit fresh yearly low at 168.83 b…

By Jay L. Zagorsky
1 min read
FxWirePro: GBP/JPY breaks major support at 172, hits fresh yearly low at 168.83, drop till 168 likely
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  • GBP/JPY extends downside below 172 (resistance broken on 8th Jan) to currently trade at 169.35.

  • Attempts of recovery on Wednesday were rejected at 171.29 asserting more downside.

  • The pair hit fresh yearly low at 168.83 before paring some losses, downside has little support till 168 levels.

  • While 5-DMA on the upside has been capping gains in the pair and is seen as strong resistance 171.30 (Jan 13 highs).

  • RSI on daily and weekly charts shows weakness, deeply entrenched in oversold territory, while MACD also point south.

Recommendation: We would go short around 170 levels, Sl: 171.30, TP1: 168, TP2: 166

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By FxWirePro Team