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Forex: GBP/JPY flat for the week near multi-year highs above 156.00

FXstreet.com (Barcelona) - GBP/JPY is last at 156.09, about flat for the week so far. The cross has been unable of breaking above fresh almost 4-year Monday's high at 156.85 in this time period, given Pound weakness overall until overnight's London session.

The cross is now off recent session highs at 156.50, same highs as of day before, with the lower bound of these two days range at 155.36. Both currencies, Pound and Yen, have been with about same strength in last 2 trading days, right below the USD, and thus the range. GBP/JPY is up +12.22% year to date, and +21.96% in last 6 months.

Immediate resistance to the upside for GBP/JPY shows at recent session/yesterday's highs 156.52, followed by Monday's fresh near 4-year highs at 156.85, and early Aug 2009 lows at 158.15. To the downside, closest support lies at yesterday's Asian session/Wednesday's lows 155.36, followed by Tuesday's weekly lows at 154.97, and May 05 highs at 154.79.

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