GBP/JPY breaks support at 174.20, drop till 171 likely

FX:GBPJPY   British Pound / Japanese Yen
310 0 3
GBP/JPY             broke major support at 174.20 and is currently trading around 173.40, bias remains on the downside.

The pair hit multi-year lows at 173.29, (levels not seen since Oct 2014) before paring losses to edge slightly higher.

RSI on dailies is at 12, its weakest level last seen since May 2012, moving averages are all biased lower and price action is well below the cloud.

172 (major trendline support) is next likely target for bears, further downside can see test of 171 (Oct 22nd 2014 lows).

Immediate resistance is located by session highs at 175, while little chart support see on the downside till 172 levels

Good to go short at around 173.50/60, SL: 174.50, TP: 172/171
Trade closed: target reached
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