# Resistance Turned Support on GBP/JPY (January 24, 2014)

Source: https://www.tradersway.com/resources/market-info/resistance-turned-support-on-gbp-jpy-january-24-2014/
Language: en
Updated: 2014-01-24

GBP/JPY has made a stellar rally in the past few trading days, thanks to improved fundamentals in the UK. However, yesterday’s yen strength triggered a sharp selloff, which could simply be a retracement for this pair.



Right now, the pair is finding support at a former resistance level around the 171.50 minor psychological level. Stochastic has reached the oversold zone and climbed out, indicating that buying pressure is back.



![Resistance Turned Support on GBP/JPY (January 24, 2014)]



Going long at market with a stop below the latest bounce or 171.50 and a target of the previous highs around 173.50 could yield a good return on risk for a short-term trade.



*By Kate Curtis from Trader’s Way*