Forex: GBP/JPY capped below 8-month highs 132.50

FXstreet.com (Barcelona) - For whatever reason it might have been, Yen broke heavily to the downside early in Hong-Kong trading today, taking all stops were above USDJPY 82.20, and thus pushing GBPJPY higher, again to last 2 weeks highs prize zone, last at 132.28, about flat for the week, but a +0.49% higher for the session. End of month flows are also said to be behind the Yen move, but fact is so far the rally has stalled.

GBPUSD being flat, at 10 year lows of volatility daily range, helped the GBPJPY rising case, along with boosting Nikkei index, matching past Friday's 7-month highs, slightly below the 9485 points mark, last +0.72% up for the session. Overall local share markets in the green, also add to the risk appetite scenario seen in today's Asian session trading.

Immediate resistance to the upside for GBPJPY shows at recent session/weekly highs 132.35/45, followed by March/April highs at 133.24/42, and Nov 2010 highs 134.28. To the downside, closest support lies at Tuesday's highs 132.09, followed by Monday's/yesterday's lows at 131.20/13, and Nov 23 lows at 130.76.