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GBP/JPY slides toward 214.00 after breaking below key SMA
The pair is down more than 1.1% to 214.08 and faces further downside if 214.00 fails, with the 200-day SMA at 213.02 next.
GBP/JPY is weakening sharply as the Japanese yen strengthens against most G8 currencies, with FXStreet noting growing speculation around potential intervention in the currency markets. The cross is trading near 214.08, down more than 1.1% on the move.
FXStreet also points to a technical shift after GBP/JPY dipped below the 100-day simple moving average at 215.08. That break is keeping selling pressure elevated, reflected in a bearish turn in relative strength readings.
The first support cited is 214.00, and a break would put the 200-day SMA at 213.02 in focus. If weakness continues, FXStreet highlights the August 3 cycle low at 209.58, before traders watch for yearly lows near 207.24.
On the other hand, the report says a move back above the 100-day SMA could lead to consolidation between 215.08 and 216.04, where the 50-day SMA is located.