Forex: GBP/JPY holding 141.00

FXstreet.com (San Francisco) - GBPJPY now exchanges at 141.20 as it operates within a limited range between 140.85 and 142.20. Spot still holds above the 21-day EMA (today at 139.97), offered as immediate support; a push lower would then target 137.80 (Dec 19 high). "As negative tone dominates on lower timeframes studies, further weakness cannot be ruled out, with extension below 140.50, to risk retest of key near-term support at 139.37, 09 Jan low," writes Slobodan Drvenica, Information & Analysis Manager at Windsor Brokers Ltd in a research note.

Drvenica continues: "Previous low at 141.60, limits recovery attempts for now, with barrier being reinforced by hourly 20 day EMA and only break here and 142.00, would avert immediate downside risk." Upside rallies may encounter resistance at 142.60 (Jan 2 high) and 144.80 (Jan 14 high).