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GBP/JPY tumbles to 23-month lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - Risk aversion boosted the yen across the board while the pound remains weak. GBP/JPY accelerated the decline during the last hour and dropped further bottoming at 166.28, the lowest level since February 2014.

    GBP/JPY still looking for support

    Today the pair was consolidating, like it did during the last two days, but as the pound came under pressure, dropped breaking 168.80 (previous low) and accelerated the slide. It has fallen more than 250 pips since the European session.

    During the week, the pair lost so far 2.35% and over a thousand pips so far in 2016. The pound is about to post the sixth consecutive weekly decline versus the Japanese currency.

    Currently trades at 166.30/35 and is testing a relevant long-term Fibonacci level, the 38.2 retracement of the 2012 - 2015 rally. A consolidation below could open the doors for an extension toward 160.00.
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