Major Yen crosses in recovery mode so far today- check out the GBP/JPY

As covered here at the time, yesterday it was the major Yen crosses that felt the fallout from the sudden political crisis that emerged in South Korea. That sent sent the EUR/JPY and the GBP/JPY both reeling and delivered fresh interim lows for both of them. The EUR/JPY fell to 156.18 at one point and the GBP/JPY dropped to 188.09. Go back to November 20 and the EUR/JPY was trading above 164 and GBP/JPY was close to 198. So, as you can see, the immediate trend was lower anyway and the Korean news merely extended the falls to fresh lows. They are both on the rebound today though and the thing is; was the lows yesterday the nadir of that sell-off? Well, that is entirely possible. So, the GBP/JPY is the focus right here and now and that has rebounded above 190 this morning, after posting a close last night, at 189.58. The high seen so far this morning has been set at 190.55 and there is trend line resistance in place at 190.75. Ideally the Pound needs to recover above 191.30 to better endorse the prospect; that it might have found a base at 188.09 yesterday. The GBP/JPY is currently trading at 190.32