FXstreet.com (Barcelona) - The dispute between the two main contenders in the ugly currency contest, that is, the Sterling and the Japanese Yen, is currently headed fractionally by the first from a Friday's/Monday's close-open basis.

Despite the UK downgrade by Moody's, talk that Mr. Kuroda will be appointed the next BoJ chief has moved the pair further away from its recent 1-month low at 141.33 to now stay circa 142.50, Monday's session high.

Technically, the GBP/JPY continues to trade heavy below the 20-EMA on the 4-hour chart, which comes at 142.90, an area of confluence with the major swing low breakout of last Feb 21. If buyers aim to ease the selling pressure, a sustained consolidation above the 142.90/143.00 is required. On the contrary, topside failure may expose recent trend lows.