Forex: GBP/JPY dips below 124

FXstreet.com (San Francisco) - From an earlier high of 124.80, GBPJPY has retreated back down to two-day lows below the 124.00 figure, reaching as low as 123.90. At the time of writing, the pair is quoted in the 124.00 price zone recording a 0.5% loss. Price continues to trade above the 55-day EMA (123.84), a break of which could open scope for a test of support at 123.20 (50%, 120.82/125.56).