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Forex pairs in this Article » GBP/JPY (Barcelona) - GBPJPY is currently at 146.19, slightly lower from previous weekly close Friday around the 146.43 price zone, off recent session highs at 146.61, and bouncing from fresh session lows at 145.85. With Japan, Hong-Kong and China markets closed today over holiday, price action is very slow, Cable being totally flat since session started.

As MIG Bank analyst Bijoy Kar notes: "GBPJPY is consolidating just above the 145.00 level. In doing so it has broken under short-term trend-line support, suggesting scope for a larger correction from the current region," Bijoy says, adding: "However, while above 144.81 the structure remains bullish for our next targets at 149.94 and 159.40," the concludes.

Immediate support tot the downside for GBPJPY lies at recent session/Feb 06 lows 145.90, followed by Friday's/Feb 04-05 lows at 145.03/144.82, and Jan 30 highs at 144.30. To the upside, closest resistance shows at recent session/Feb 04 highs 146.60, followed by Feb 05/06 highs at 147.30, and Feb 07 highs at 147.96.
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