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Forex pairs in this Article » GBP/JPY (Barcelona) - GBPJPY has found a layer of support following a decline from its overnight high at 142.07.

The pair posted a high shortly after the Asia open but then steadily decline to where spot posted a low at 140.50, just above Fibonacci S2 support at 140.44. Spot has since found another layer of support at Classic S1 at 140.81 and has ranged throughout the morning so far. Hourly RSI is currently sat at 36 with a small downside bias. Calendar wise, overnight saw a decline in Japanese Vehicle Sales and an early session boost for the UK Housing market with a rise is House Prices. The remaining European data today is EU Investor Confidence at 09:30 GMT and EU PPI at 10:00 GMT. Danske analysts recommend going long at 140.75 for a 142.475 target with a stop at 140.15.
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