Forex: GBP/JPY takes a pause below 20-month highs 135.00

FXstreet.com (Barcelona) - GBPJPY is currently struggling with session highs at 134.81, still below yesterday's 20-month highs at 135.07, helped on growing Yen weakness as USDJPY climbs yet again to fresh 9-month highs at 83.73, in last day before general elections in Japan, and recent Tankan data showing the country is in recession, analysts say.

Instead, Cable is trading at 1.6109, off daily lows at 1.6084, following the negative outlook to its AAA rating placed by rating agency Standard and Poor's, which is weighing on the cross, that despite this is printing fresh session highs while these lines are written at 134.90.

Immediate resistance to the upside for GBPJPY shows at yesterday's fresh 20-month highs 135.07, followed by May 2011 highs at 136.11, and April 2011 highs at 140.02. To the downside, closets support lies at yesterday's lows at 134.28, followed by Wednesday's NY session lows at 133.52, and Dec 06 highs at 132.93.