GBP/JPY posts 2-week lows on Yen stops hunt

FXstreet.com (Barcelona) – The GBP/JPY foreign exchange cross rate is last trading at 150.88 bids, off recent session lows at 150.49 printed on the back of some stops hunting at the Tokyo open with Nikkei falling more than -2% and USD/JPY breaking below the 97 handle.

GBP/JPY potential for downside

“The British pound has been declining since Bank of England MPC member Martin Weale said last Wednesday that asset purchases ‘remain a tool available’ and that more QE could be needed,” said Eric Viloria, Senior Currency Strategist at FOREX.com, adding: “The technical outlook for GBPJPY also suggests the potential for downside …read more