GBP/JPY continued a pattern of sharp declines on Wednesday, tumbling over a full percent on the day as markets continue to suspect further direct intervention spending in an attempt to bolster the battered Yen.
GBP/JPY tumbled back to 203.00 as markets suspect continued market intervention. The Yen soared a full percent against the Pound Sterling on Wednesday. This follows last week’s 2% sudden decline and a surge in BoJ spending. According to reporting by Bloomberg, it is suspected that the Bank of Japan overspent on market operations to the tune of ¥2.14 trillion last Friday after week-on-week current account figures wildly overclocked money broker forecasts.
5% from July’s 16-year peak of 208.11. A thin near-term consolidation range near 205.50 could provide an intraday technical support level for bids if they continue to circle the drain, but downside momentum still sees significant upside pressure. Daily candlesticks are still soaring well above the 200-day Exponential Moving Average at 192.07, and bids would still need to drop another 0.8% before even coming within range of the 50-day EMA at 201.29.
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