Forex: GBP/JPY bounces from 129.07 low

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Forex: GBP/JPY bounces from 129.07 low

FITITOL--> FXstreet.com (Barcelona) - After having been one of the best crosses to hold long positions during the 13-20 April week, as the GBP strengthened and the JPY weakened, since last Thursday we’re seeing the opposite situation.

Dovish hints for QE3 in the US triggered the Yen rise, while the Pound softens on overbought conditions. Today however, the GBP/JPY fell to a low at 129.07 due to a poor UK manufacturing PMI result, but bounced back to 129.50 area similarly to the USD/JPY move.

Mataf.net analysts point to resistances at 129.70, 130.30 and 131.05. On the downside, supports might act at 129.25, 129.00 and 128.50.