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In today's trade after Friday's massive selloffs pound is losing further grounds against dollar, while Yen gains ground making GBP/JPY one of the top performer on the short side.
Moreover Thursday and Friday, pound briefly touched the high made against yen (approx.190) in December last year, after Bank of Japan (BOJ) introduced additional purchase of ¥10 trillion per annum. However finally closed the week against yen, with a bearish engulfing candle at daily chart at the high.
Downside potential remains large compared to stop loss.
Fundamentally Pound has upper hand over Yen with BOJ printing money at record pace, however in the short term pound is at much major risk of waning sentiment over Bank of England (BOE) rate hike and bank of Japan (BOJ) cleared air of further stimulus expectation by playing it down in the short term.
GBP/JPY is currently trading at 187.8.
