GBP/JPY extends recent decline to low 151.00s, bears eye 149.00 support zone as Russo-Ukraine woes continue By Frank_Macro GBPJPY BOE RussianFederation
tive sterling in exchange for the safe-haven yen as choppy, risk-off market conditions continued. At current levels in the 151.20s, the pair trades a further 0.4% lower on the day on Monday, taking its three-day run-off losses from last week’s highs above 155.00 to more than 2.5%. With no signs of near-term de-escalation to the Russo-Ukraine war and, subsequently, no respite for the ongoing “commodity crisis” insight, expected more risk-off conditions ahead seems like a reasonable bet.
GBP/JPY bears will now likely be targeting a test of 149.00, a key area of support, in the weeks ahead. 149.00 has acted as a floor to the price action going all the way back to last July when the pair hit 148.50. It remains far too early to call for a meaningful break below this area of key support – indeed, at current levels, the pair still trades about 1.5% above these levels.
If GBP/JPY was to fall below 158.00, it would have cleared all major levels of support all the way to around 145.00. Of course, that would be a big call to make . In the more immediate future, aside from geopolitics, traders will have other risks to keep an eye on, the most important of which will be next week’s BoE and
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