A combination of a stronger yen, boosted by risk aversion and a weak pound, pushed GBP/JPY sharply to the downside. The pair is falling 300 pips so far on Tuesday and it is trading slightly above February lows. GBP/JPY back under pressure Last Friday, the pair dropped sharply and fell below the 20-day moving average and also under 160.00. Yesterday it remained steady around 158.60/70 and today again is falling sharply. It started today trading at 158.80. It moved all day with a bearish bias. Recently bottomed at 155.70, the lowest level since February 24 and currently it trades at 156.10/15, down 1.65% for the day so far. For the second time in three days, it is losing more than 1.50% and it has erased March gains. Price is just a few pips above 154.71 (2016 low) and the mentioned level could be tested soon. If today it ends the day below 156.00 it would post the lowest daily close since October 2013. For more information, read our latest forex news.