Forex: GBP/JPY selling off below 141.50

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FXstreet.com (Barcelona) - GBP/JPY is currently selling off at fresh session lows 141.29 on both Pound weakness and Yen strength, as Cable prints session lows at 1.6053 and USD/JPY does the same at 88.03. The cross is down -0.23% from previous weekly close Friday, off recent session highs at 142.07.

USD/JPY has printed a session high around 88.36, near Friday's highs at 88.42, 2-year 8 month highs, over talk of optionality at 88.50, says FXWW founder Sean Lee: "Some unconfirmed chatter of a barrier at 88.50 but I don't believe it's a very big one," the analyst notes, which coupled with Nikkei index nose diving down -0.58% for the session, below the 10650 points mark, is putting pressure on Yen shorts. The index went Friday as high as 10734.

Immediate support to the downside for GBP/JPY shows at Dec 31 highs 140.98, followed by Friday's lows at 140.48, and Thursday's lows at 140.13. To the upside, nearest term resistance shows at Friday's highs 141.84, followed by recent session highs at 142.10, and Wednesday's 32-month high at 142.80.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

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