GBP/JPY reverses earlier rebound above 189

Much earlier today the GBP/JPY fell close to the 187 handle. The low seen was set at 187.12. The Pound versus the Yen had closed in the US on Friday at 187.76. The rebound that followed since the Asian low saw the GBP/JPY lift back above the 189 handle (189.14 the high), as the USD/JPY briefly topped the 152.50 level. In the previous update we noted how the USD/JPY had now fallen back below that 152 handle and since then it has drifted lower, towards 151.75. The GBP/USD has fallen back at the same time, losing ground versus the Euro as well as the dollar. Earlier the GBP/USD pushed towards 1.2425, but it is right now dropping back towards 1.2375. So, as you can see, both those moves in the GBP/USD and the USD/JPY have delivered a fall back underneath 188 in the GBP/JPY. At this point the reader is again reminded of that leading analyst call (noted last week) for further downside in the cross rate, with their target set at 180 for the GBP/JPY. It is currently trading at 187.81