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Forex: GBP/JPY extends the intraday decline

The combination of increased weakness surrounding the sterling plus renewed strength in the Japanese currency are driving the cross lower, intensifying the downside from yesterday’s highs in the boundaries of 143.00 to the current levels below 140.00

I.Spivak, Currency Strategist at DailyFX, comments, “Prices declined as expected after putting in a Bearish Engulfing candlestick pattern. Sellers now target the January 23 low at 139.40; the 142.02 mark has been recast as near-term resistance. A move back above that aims for the 23.6% expansion at 143.77”.

At the moment, the cross is losing 0.04% at 139.15 facing the next support at 139.30 (2013 low Jan.23) ahead of 138.70 (low Dec.31) and finally 138.57 (Lower Bollinger).
On the upside, a surpass of 141.40 (low Feb.21) would clear the way to 141.64 (low Feb.22) and then 142.95 (high Feb.25).

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