26 Jul 2013
GBP/JPY crashes below 151.00
FXstreet.com (London) - GBP/JPY has smashed through the bullish channels support that had formed last week.
The yen has strengthened across the board in summer time markets and at the end of the week. It maybe the case that traders are exiting Japan ahead of the weekend with their market down 2.5% overnight.
Yen positioning
The USD/JPY has fallen 60 pips from 98.60 and is resting around 98.00. The cross is now sitting below the 151.00 handle while cable is printing lower as well, now below 1.5400 currently trading at 1.5484/86, keeping the cross under pressure. 150.95 acts as support for now and next is 150.75. Traders might see potential to be buying on any dips in USD/JPY and this could carry GBP/JPY higher again to close the gap.
The yen has strengthened across the board in summer time markets and at the end of the week. It maybe the case that traders are exiting Japan ahead of the weekend with their market down 2.5% overnight.
Yen positioning
The USD/JPY has fallen 60 pips from 98.60 and is resting around 98.00. The cross is now sitting below the 151.00 handle while cable is printing lower as well, now below 1.5400 currently trading at 1.5484/86, keeping the cross under pressure. 150.95 acts as support for now and next is 150.75. Traders might see potential to be buying on any dips in USD/JPY and this could carry GBP/JPY higher again to close the gap.