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15 Feb 2013
Forex: GBP/JPY breaks below 2-week lows 143.50
GBP/JPY is currently pressing lower to 143.37 fresh lows for the month of February, mostly on Yen strength, coming from USD/JPY longs profit taking, or short Yen covering, coupled with continued Pound weakness, making Pound the weakest currency among majors for last few days, while Yen is catching up with Kiwi as the two strongest ones.
All in all, GBP/JPY is already -2% lower for the week, while Nikkei index is down -1.73% for today alone at fresh 7-day lows around the 11100 points mark, closing second consecutive week in the red, for first time since late Aug. The Yen had its first initial push higher following some comments made the Japanese economic minister Mr.. Amari during early Tokyo trade, with still China markets closed for New Year holiday.
Immediate support to the downside for GBP/JPY lies at fresh session lows 143.28, followed by Jan 11 lows/Jan 22 highs around 142.85, and Jan 02 highs at 142.75. To the upside, closest resistance shows at session and Jan 17/25 highs 144.22, followed by Wednesday's lows at 144.70, and Feb 01-05 lows at 144.90.
All in all, GBP/JPY is already -2% lower for the week, while Nikkei index is down -1.73% for today alone at fresh 7-day lows around the 11100 points mark, closing second consecutive week in the red, for first time since late Aug. The Yen had its first initial push higher following some comments made the Japanese economic minister Mr.. Amari during early Tokyo trade, with still China markets closed for New Year holiday.
Immediate support to the downside for GBP/JPY lies at fresh session lows 143.28, followed by Jan 11 lows/Jan 22 highs around 142.85, and Jan 02 highs at 142.75. To the upside, closest resistance shows at session and Jan 17/25 highs 144.22, followed by Wednesday's lows at 144.70, and Feb 01-05 lows at 144.90.