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Fluctuation in foreign exchange

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From 1980 to 2000, the yen/dollar exchange rate fell from 240 yen/dollar to 102 yen/dollar, while the dollar/pound exchange rate fell from 2.22 dollars/pound to 1.62 dollars/pound. As a result,

Multiple Choice
the dollar appreciated relative to the yen, but depreciated relative to the pound.
the dollar depreciated relative to the yen, but appreciated relative to the pound.
the dollar appreciated relative to both the yen and the pound.
the dollar depreciated relative to both the yen and the pound.

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The response discusses the Fluctuation in foreign exchange.

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