Forex: GBP/JPY takes a step back; still above 142.00

FXstreet.com (Barcelona) - GBPJPY is currently at 142.30, near session and weekly lows, down -0.92% for the week so far. The cross falls on the back of Yen strength over all, and coupled with Pound weakness, though at this time is weighing more Yen strength, with USDJPY at session lows around 90.67, than Pound weakness, with Cable at 1.5692, off fresh 5-month lows at 1.5670.

According to the FXMarketAlerts Team, the bounce during London session was "capped at the overnight range low, keeping GBP on the 2 day floor. With no sign of a m/t top yet, GBPJPY still has room to the 146.00 high/next objective," the analysts suggest, adding: "M/t bracket floor is 139.00." Nikkei index closed yesterday below the 10900 points, losing -0.43%, while SP500 closed in NY down by -0.10% after an ugly housing data number.

Immediate support to the downside for GBPJPY lies at current levels as NY session lows 142.18, followed by Jan 15/21 lows at 141.74/63, and Jan 17 lows/Jan 23 highs. To the upside, closest resistance shows at Jan 16/22 highs, followed by NY session highs at 143.27, and Monday's weekly high at 144.00.