FXstreet.com (Barcelona) - The Sterling has fallen further against the Japanese Yen during the European session and, continuing the decline from 150.40 in the early Asian morning, the GBP/JPY has hit 1-week low at 148.35.

Currently the pair is trading around 148.50/60, 1.10% below today's opening price action.

According to Nicole Elliot, Analyst at Mizuho Corporate bank, the pair could rise to 152.00 this week: Leading the pack and the one with the neatest price action of all the Yen crosses. Rallying strongly from decent support between 140.00 and 142.00, retracing half of the declines since August. This, combined with the daily Ichimoku 'cloud' (note how much bigger it gets over the coming month) should send this pair down again, hopefully quickly. Though moving averages have crossed to bullish, these should provide resistance to the Lagging Span so watch for an interim top to form around 152.00 this week. Also look for confirmation from other Yen crosses which ought to at least display signs of instability, or better still reversal formations, in the weekly candles. A weekly close above 154.00 would force us to review.

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