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Forex: GBP/JPY bounces at 137.80, 2-month low

After falling around 240 pips from 140.20, the Sterling has finally found support against the Japanese Yen at 137.80, lowest level since December 26th. The GBP/JPY is in recovery mode and currently is trading above the 139.00 level at 139.10, 0.08% still negative on the day.

The GBP/JPY will face supports at 138.70 (low Dec.31), 138.00 and 137.80. On the other side and above the 140.00 level, 141.40 (low Feb.21), 141.64 (low Feb.22) and then 142.95 (high Feb.25).

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The recovery of the pound versus the dollar was abruptly halted during the New York session by the 100-hour SMA, that offered resistance to the Cable in more than on opportunity throughout the day.
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