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Forex: GBP/JPY in weekly lows, around 143.00/15

The cross is suffering the weakness surrounding the sterling on Wednesday, testing last week’s lows in the vicinity of the 143.00 figure.

In the opinion of I.Spivak, Currency Strategist at DailyFX, “prices declined as expected after putting in a Bearish Engulfing candlestick pattern. Sellers are now testing the 23.6% Fibonacci expansion at 143.77, with a break below that aiming for the 14.6% level at 142.02. Near-term resistance is at 146.54, the 38.2% Fib. A recovery above that aims for the 147.96-148.83 area”.

At the moment, the cross is down 0.82% at 143.13 facing the next support at 143.00 (low Feb20) ahead of 142.80 (low Feb.15) and finally 141.00 (psychological level).
On the upside, a break above 144.70 (high Feb.20) would open the door to 144.80 (MA21d) and then 145.35 (high Feb.19).

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