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8 Feb 2013
Forex: GBP/JPY off fresh 3-year highs below 148.00
GBP/JPY printed a fresh 3-year high at 147.97 during the incoming governor of the Bank of England Mark Carney's hearings before the U.K.’s Treasury Select Committee, by mid London session, just to sell off moments after on Yen strength, back to 146.00 round, being daily lows, same lows than Wednesday's. The cross is last at 146.91, a +0.75% higher for the week so far.
While GBP/JPY is currently near its fresh 3-year highs, it is still below 23.6% Fibo retrace of huge 2007-2009 leg down 251.11/118.90, or a -41.5% lower from those highs, highest since year 1990, and year 2000/1993 lows price zone. Nikkei index is currently down more than -1.5% around the 11200 points mark, in its second consecutive negative day following yesterday's -0.93% off fresh-4 year highs around the 11500 points mark.
Immediate support to the downside for GBP/JPY lies at Monday's highs 146.62, followed by yesterday's/Wednesday's lows at 145.97, and Tuesday's/past Friday's lows at 144.90. To the upside, closest resistance shows at recent session/Tuesday/Wednesday's highs 147.27, followed by yesterday's fresh 3-year highs at 147.97, and Nov 2009 highs at 149.14.
While GBP/JPY is currently near its fresh 3-year highs, it is still below 23.6% Fibo retrace of huge 2007-2009 leg down 251.11/118.90, or a -41.5% lower from those highs, highest since year 1990, and year 2000/1993 lows price zone. Nikkei index is currently down more than -1.5% around the 11200 points mark, in its second consecutive negative day following yesterday's -0.93% off fresh-4 year highs around the 11500 points mark.
Immediate support to the downside for GBP/JPY lies at Monday's highs 146.62, followed by yesterday's/Wednesday's lows at 145.97, and Tuesday's/past Friday's lows at 144.90. To the upside, closest resistance shows at recent session/Tuesday/Wednesday's highs 147.27, followed by yesterday's fresh 3-year highs at 147.97, and Nov 2009 highs at 149.14.