GBP/JPY Plunges Below Key Support Level

The Pound Sterling has taken a hit against the Japanese Yen, dropping over 1% and breaking below the 100-day Simple Moving Average (SMA) at 215.08.

This shift in momentum is indicated by bearish Relative Strength Index (RSI) signals, which suggest that sellers are now in control of near-term movement.

The next key support level for GBP/JPY is 214.00, with a breach exposing further downside to 213.02 and then the August 3 cycle low at 209.58.