GBP/JPY falls below 143.00
As highlighted earlier, watch out for the equities space and risk sentiment because when the early signs are there it doesn't take long before we start seeing it materialise into something more. It's still early in the session but equity futures are slumping even more than they have earlier and that is putting a bid in the yen, dollar, and swissie.
All yen pairs are weighed down now to session lows with GBP/JPY breaking below 143.00 as I type this. There is minor support just around the 143.00 handle but further support is only seen in the swing region between 142.70-75.
Looking at the big picture:
There is daily resistance around 143.39 to keep upside momentum in-check but if the market is in fact flipping on the risk off switch then it's going to be all about the downside in the session ahead. Beyond the swing region of 142.70-75, there isn't much other support levels in the pair on the daily chart until the 142.00 handle followed by 141.26 level and then the 140.00 handle.
But if you draw up Fib levels from the 4-hourly chart:
There is support seen around 142.56 in the form of the 100-bar MA (red line) followed by the 61.8 and 76.4 retracement levels @ 142.11 and 141.27 respectively.
