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Forex: GBP/JPY selling off to fresh Feb lows

GBP/JPY is currently printing fresh Feb lows last at 142.37 mostly on late Yen strength, as USD/JPY is at fresh session lows 93.47 while Cable remains steady around 1.5230, off fresh 2.5-year lows at 1.5190. Nikkei index is currently selling off around the 11300 points mark, down more than -1.3% for the day so far, once back from lunch time in Tokyo.

Local share markets are joining the selling seen in markets abroad, following US SP500 closing in NY down by -1.24%. Hang-Seng index is down -1.82%, Australian ASX index -1.78%, Kospi -0.48%, Shanghai -2.74%, while Gold tumbled -2.54% and Oil -2.31%. GBP/JPY is down -1.55% since previous Asia-Pacific open yesterday, and -2.025 for the week so far, mostly on Pound weakness, but also combined with some Yen strength, as Yen is the strongest major currency for the week, while Pound is the weakest one.

Immediate support to the downside for GBP/JPY lies at Jan 29 lows 141.82, followed by Jan 15 lows at 141.61, and Dec 31 highs at 140.94. To the upside, nearest term resistance comes at yesterday's lows 142.40, followed by Feb 15 lows at 142.70, and Tuesday's lows at 143.87.

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