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Forex: GBP/JPY breaks below 2-week lows 143.50

GBP/JPY is currently pressing lower to 143.37 fresh lows for the month of February, mostly on Yen strength, coming from USD/JPY longs profit taking, or short Yen covering, coupled with continued Pound weakness, making Pound the weakest currency among majors for last few days, while Yen is catching up with Kiwi as the two strongest ones.

All in all, GBP/JPY is already -2% lower for the week, while Nikkei index is down -1.73% for today alone at fresh 7-day lows around the 11100 points mark, closing second consecutive week in the red, for first time since late Aug. The Yen had its first initial push higher following some comments made the Japanese economic minister Mr.. Amari during early Tokyo trade, with still China markets closed for New Year holiday.

Immediate support to the downside for GBP/JPY lies at fresh session lows 143.28, followed by Jan 11 lows/Jan 22 highs around 142.85, and Jan 02 highs at 142.75. To the upside, closest resistance shows at session and Jan 17/25 highs 144.22, followed by Wednesday's lows at 144.70, and Feb 01-05 lows at 144.90.

Forex Flash: Sell USD/JPY via options - Westpac

According to Robert Rennie, analyst at Westpac in Sydney, "verbal intervention has played a much larger part in pushing the ¥ down than most believe", thus making the recent G7 statement on soft warning to Japan about current policies "all the more important for USD/JPY" he says. "We therefore recommend selling USD/JPY via options" he adds.
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