GBP/JPY: The market remains locked in a choppy multi-day consolidation with the latest moves resulting in a test and break of the multi-day range lows. Nevertheless, we are not quite ready to adopt a bearish outlook and instead favor taking to the sidelines until a clearer opportunity presents. Key levels to watch above and below come in by 133.65 and 128.65 respectively. A close back below 128.65 directly exposes a retest of the yearly low by 126.80 further down.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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