Forex: GBP/JPY falls and trading at 135.21

Thu, Mar 11 2010, 04:46 GMT
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FXstreet.com (Sydney) – The JPY is reversing recent losses against the pound and is trading at 135.21. Earlier, the pair had opened at 135.54 and has been as high as 135.67. Since then, the pair has maintained upward tendencies in the hourly charts. The GBP/JPY finds support at 134.72, resistance at 135.66 and is considered slightly bullish.

The pound came once again under pressure following manufacturing reports from the UK. Production in Britain unexpectedly fell during January for the first time in 5 months. Factory output fell 0.9% from December despite predictions of a lift of 0.2%. Meanwhile in Japan, growth was revised downwards during the last quarter in 2009. This was the result of a fall in company spending as well as prices. GDP was revised to 3.8% down from 4.6% reported last month. Business spending remains weak and has fallen for the 11th consecutive quarter.

GBP/JPY

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