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Forex: GBP/JPY eyes 143.00

The pair is ticking higher on Friday as the sterling remains on the bid camp in contrast with further weakness in the Japanese currency.

In the view of I.Spivak, Currency Strategist at DailyFX, “prices declined as expected after putting in a bearish engulfing candlestick pattern. Sellers have now broken the 23.65 Fibonacci expansion at 143.77, exposing the 14.6% level at 142.02. A further push downwards targets the January 23 low at 139.24. The 143.77 mark has been recast as near-term resistance. A move back above that aims for the 38.2% expansion at 146.54”.

At the moment, the pair is up 0.44% at 142.65 facing the next resistance at 142.95 (high Feb.21) followed by 143.62 (Kijun line) and then 144.70 (high Feb.20).
On the flip side, a breakdown of 141.40 (low Feb.21) would accelerate the decline towards the psychological handle at 141.00 and finally 140.80 (cloud top Feb.22).

Forex Flash: NOK heads off list of underperformers in 2013 – UBS

One of the biggest underperformers of 2013 so far has been the Norwegian krone. According to Research Analyst Gareth Berry at UBS, “The EUR/NOK is trading at close to 7.50 and is now some distance away from our 1m forecast of 7.30. Perhaps even more surprisingly, the NOK/SEK has all but collapsed and a break below the 2012 low of 1.1200 looks within reach. Many clients have questioned whether this move is justified as there should be several aspects for NOK, which are quite supportive.”
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