The negative turn in market sentiment boosted the appeal of the Yen as safe-haven, which rose to fresh daily highs against most competitors during the New York session. GBP/JPY retreated from the 122.60 area where it had hit a fresh 5-week high during the European trade, losing near 180 pips and falling to its lowest level since Thursday at 120.85 before recovering slightly.
At time of writing, GBP/JPY is trading at the 121.00/10 zone, recording a 0.71% loss on the day. Nicole Elliott, analyst at Mizuho Corporate Bank, sees support levels for this week at 120.90, 119.80, 119.00 and 117.60, while she locates resistances at 122.60, 123.80, 125.50 and 127.30.