24 Feb 2015
GBP/JPY retreats from 7-week highs
FXStreet (Córdoba) - GBP/JPY failed to hold to gains and pulled back below 184.00 and currently trades at 183.65/70, at the same level it closed yesterday.
Yen soars
Since the Asian session GBP/JPY moved with an upside bias and accelerated after breaking above 184.20 (Feb 12, 18 high). The pound peaked at 184.79, reaching the strongest level since January 2 but afterwards amid Yellen’s presentation before the US Congress bounced to the downside.
The yen soared and pushed the pair to the downside, erasing losses. The decline so far found support at 183.60 where daily lows are located. The Japanese currency strengthened across the board as US bond yields decline, to the lowest in a week.
Yen soars
Since the Asian session GBP/JPY moved with an upside bias and accelerated after breaking above 184.20 (Feb 12, 18 high). The pound peaked at 184.79, reaching the strongest level since January 2 but afterwards amid Yellen’s presentation before the US Congress bounced to the downside.
The yen soared and pushed the pair to the downside, erasing losses. The decline so far found support at 183.60 where daily lows are located. The Japanese currency strengthened across the board as US bond yields decline, to the lowest in a week.