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GBP/JPY struggles near 209.00 as bears eye support at 208.20
The pair was down more than 4% after a coordinated two-day US and Japan intervention, and it remains capped below 209.00 after retreating from an October 7 eight-day high.
GBP/JPY was trading near 208.87 on Thursday, after moving from a low of 208.20 toward a daily high of 209.40 before settling around current levels, FXStreet said.
The outlet noted the cross remains bearish, citing a drop of more than 4.4% following a coordinated two-day intervention between the US and Japan, which pushed prices toward a yearly low of 207.10 on September 8.
In the near term, FXStreet said sellers are focused on clearing the October 8 low of 208.20 to pressure the 208.0 area, with the next support at the September 30 low of 206.89.
FXStreet also pointed to technical signals, including the 50-day simple moving average staying below the 200-day line, while RSI hovering around 43 suggested consolidation could continue.