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Forex: GBP/JPY capped below 152.50 level

FXstreet.com (Barcelona) - GBP/JPY is last barely above the 152 handle, capped below the 152.50 level since last Friday, as USD/JPY still struggles to break above the key 100 mark, and it is just 100 pips shy of 78.6% Fibo retrace of 2008-2009 leg down from the 250 highs from July 2007 to the 119 lows of Jan 2009. Huge option protection orders are reported above the 100 USD/JPY, ahead of Friday's BoJ, when these options will expire.

The cross is slightly in the positive for the week, recovering from Tuesday's weekly lows at 149.97, mostly due on Yen weakness since then, although some Pound strength has also helped. Nikkei breaking above the 13800 points mark yesterday also push on Yen weakness favor, with futures now pointing to an even higher open for the Tokyo index, while Australia and New Zealand markets will be closed for holiday today, reducing liquidity.

Immediate resistance to the upside for GBP/JPY shows at yesterday's double weekly highs with Monday's 152.29, followed by Friday's highs at 152.50, and April 11 fresh almost 3-year highs and key Fibo level/Oct 2009 highs. To the downside, closest support lies at April 10 lows/April 17 highs 151.25/20, followed by Monday's lows at 150.84, and Tuesday's weekly lows/April 05 highs at 150.00/149.90.

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