GBP/JPY drops to 200-DMA

The risk-off tone in Asia is boding well for the Japanese Yen, thus pushing the GBP/JPY cross lower to 200-DMA support of 141.03. 

The pair hit a session low of 140.90 and was last seen trading around 141.10 levels. 

The demand for the Japanese Yen spiked in line with the gains in the treasuries. Moreover, the investors are seeking safety on heightened odds of trade war, protectionism under the Trump Presidency. 

The Dollar-Yen pair is down almost 0.90% at 113.65. Meanwhile, GBP/USD is up 0.37% at 1.2420. 

UK PM May is due to unveil the new industrial strategy later today and that could influence the GBP pairs.

GBP/JPY Technical Levels

A break above the session high of 141.66 could see the cross revisit 142.00, above which a major hurdle is seen at 142.49 (Jan 5 low). On the other hand, failure to hold above 141.03 (200-DMA) would open the doors to 140.32 (10-DMA) and 140.00 (zero figures).