Free Trial

GBP/JPY plunged 1.14 figure overnight......>

STERLING
STERLING: GBP/JPY plunged 1.14 figure overnight and last sits at Y131.78. The
rate tested the water below the Jan 3 flash-crash low of Y135.70, touching its
worst levels since Nov 2016. No new headlines seemed to drive the move, but
renewed selling pressure was noted as cable penetrated the $1.2200 barrier.
- Bears would be pleased by a clean breach of the aforementioned Jan 3 low,
which would shift their focus to Y130.00. The figure provided a layer of support
through Sep/Oct 2016. Bulls initially look to a return above the lower Bollinger
band (2%)/yesterday's low at Y132.84/86.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.