FXStreet (Córdoba) – GBP/JPY continued to decline and bottomed at 183.75 hitting the lowest level since October 16. It bounced modestly to the upside afterwards and it was trading at 184.25/30, down 0.70% for the day.
GBP/JPY: Hit on two directions
The pound is among the worst performers in the market and is falling against its European counterparts. EUR/GBP jumped approaching 07300 while GBP/USD dropped below 1.5000. On the other side, the yen is one of the top performers, boosted by economic data from Japan and risk aversion across financial markets.
GBP/JPY: Testing important support
The pair so far has been able to rise back above 184.00. The area around 184.00 is a relevant area, that since mid-October limited the downside. A daily close significantly below could open the doors for a continuation of the decline with a potential target at 183.10 (August low) and 182.30.
On the opposite direction, if it rises back above 186.00 -186.30 (December highs / 20-day moving average) the pound could remove bearish momentum.
(Market News Provided by FXstreet)