GBP/JPY: Another 300-pip decline

The pound is falling sharply (again) against the yen. For the second time out of the last three days is losing 300 pips or more. GBP/JPY started the day above 155.00 and during the American session bottomed at 151.65, the lowest level since August 2013.

Currently it trades at 152.20/30, down 285 pips from yesterday’s closing price and down 4% since the beginning of the week and 5.60% so far in April.

While the pound remains among the weakest currencies in the market ahead of the Brexit referendum, the yen has gained momentum with the sharp decline of USD/JPY.

GBP/JPY technical levels

To the downside, support levels might lie at 151.60/70 (daily low), 151.15 and 150.40 (August 27 & 28, 2013 low). On the opposite direction, resistance might now be seen at 154.55/65 (Feb low / Apr 6 low), 155.60 (4-hour 20-SMA) and 158.35 (Mar 22 & 24 low).