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Forex pairs in this Article » GBP/JPY (Barcelona) - In the back of falling local share markets, with Shanghai index printing fresh lows since 2009, Nikkei -0.78%, and Hang-Seng -1%, Yen strength caused on shorts covering, market sources claim, GBPJPY is printing fresh weekly lows. Last at 131.09, off mentioned lows at 130.94, the cross is lower by -0.74% so far for the week.

Retreating from a double high at 132.33/44, printed on Thursday and early this Monday, the cross is holding above the key 130.80 area, Aug 2011 highs, and Friday's lows at 130.75. US SP500 futures also at weekly lows, along with uncertainties surrounding yesterday's deal on Greece debt, are helping risk aversion to grow, and thus market jumping again to Yen longs, or at least closing recent Yen shorts opened following anticipated elections for Dec 16, called two weeks ago.

Immediate support to the downside for GBPJPY lies at mentioned Friday's lows 130.75, followed by Nov 21 lows at 130 round, and Nov 19 highs at 129.73. To the upside, closest resistance shows at recent levels as previous weekly lows 131.17, followed by yesterday's highs at 132.05, and Monday's high at 132.44.
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