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Forex: GBP/JPY hovering over 143.00

The pair is submerged in the negative territory on Tuesday, intensifying its intraday decline on the increased bearishness hammering the sterling after worrisome UK data and the renewed strength in the Japanese yen after today’s BoJ minutes.

In the opinion of I.Spivak, Currency Strategist at DailyFX, “Prices are testing below support at 142.88, the 50% Fibonacci retracement, with a break lower exposing the 38.2% level at 141.69. Overall positioning may be carving out a H&S top chart formation, but confirmation will be needed on close beneath the pattern’s neckline (now at 138.65) to validate the setup”.

At the moment, the cross is down 0.60% at 142.82 with the next support lying at 142.05 (low Mar.12) ahead of 141.94 (Tenkan line) and finally 141.45 (high Mar.6).
On the upside, a break above 144.10 (high Mar.12) would aim for 144.70 (high Mar.8) and then 145.35 (high Feb.19).

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