FXStreet (Córdoba) – The pound attempted dot recover against the yen after falling last week to the lowest level since April, but the recovery was short-lived and is back below 180.00, moving toward the lows.
GBP/JPY opened the week at 179.20, dropped toward 179.00 but then bounced to the upside, amid a decline of the Japanese currency. It peaked during the European session at 180.05 and quickly turned to the downside.
Since then it has fallen almost a hundred pips and currently trades at 179.20/25, after finding support at 179.15.
GBP/JPY near multi-month lows
Last Thursday, the pair bottomed at 178.94 the lowest level since April. It posted the first weekly close under the 100-week MA since 2012.
The pair holds a bearish tone and remains under pressure from a technical perspective, particularly after consolidating below 180.00 and 180.40 (August and September lows).
(Market News Provided by FXstreet)