GBP/JPY falls below 200-dma and is testing the Nov low

The yen is at the highs of the day

Yen crosses are crumbling in a broad move. USD/JPY hit stops on a fall below yesterday’s lows. Risk aversion is kicking in with stocks giving up all their gains.

GBP/JPY is the big laggard on the day. The pair is down 1.55%, or 225 pips, to 146.98.

The drop breaks the 200-day moving average for the first time since September.

The level to watch right now is the Nov low of 146.98. It’s fallen a couple pips below but look for a clear break and more stops.

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