GBP/JPY falls to 5-month lows and rebounds

FXStreet (Córdoba) - The pound is rising modestly versus the yen on Monday after falling sharply during the previous two trading days. During the European session GBP/JPY bottomed at 175.30, hitting the lowest level since late October and then rebounded.

The yen rose across the board amid comments made by an adviser of the Prime Minister, about the appropriate value of the currency suggesting that that USD/JPY at 120.00, was a weak level for the yen.

Afterwards the yen trimmed gains and pushed GBP/JPY back above 176.00. Recently climbed to 176.45. The area around 176.50 is a key short term support that is limiting the upside since Friday’s American session.