Fri, 12 Nov 2010 03:17:00 +0100

Forex: GBP/JPY retreats from 133.00 in Asia

FXstreet.com (Córdoba) - The British Pound traded on a strong note this Thursday and held the gains accomplished the previous day against the Japanese Yen, quoting in between 132.23 and 133.23, where the pair set a 6-week high.

However, GBP/JPY has been moving slowly to the downside since the American afternoon amid risk aversion, and has accelerated within the last trading hours to hit a low of 132.49 so far. At time of writing, the pair is trading at the 132.60 zone, 0.27% below its Friday's opening price.

If the pair extends the pullback, next support levels could be faced at 133.00, 132.30 and 131.85, while to the upside, resistance levels might be found at 133.00/20, 133.50 and 133.80.

The Pound is on its way to consolidate the third consecutive weekly gain against the Yen, extending a recovery from the 126.45 area.

Technical Analysis (2010-11-12 02:00 GMT)
GBP/JPY 132.65/132.72 - O: 131.51 H: 131.7 L: 131.47 C: 131.535
Trend	R3: 133.41
	R2: 133.08
	R1: 132.75
	S1: 132.01
	S2: 132.35
	S3: 132.68