GBP/JPY Tests 200-Day SMA as Yen Gives Back Intervention Gains
The British pound is testing its 200-day simple moving average against the Japanese yen after a sharp selloff, while the yen retreats from a rally sparked by coordinated intervention from Tokyo.
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GBP/JPY is facing a critical test of its 200-day simple moving average after a steep selloff. The recent decline brought the pair to this key technical level, with bearish momentum continuing to weigh.
Meanwhile, the Japanese yen has surrendered a portion of its recent rally, which was driven by coordinated intervention from Tokyo. The yen's pullback provided some respite for the pound, but the overall trend remains under pressure as market participants assess the sustainability of the intervention-led yen strength.
Source: FXStreet Forex News