GBP/JPY Rises 300 Pips from Daily Lows
The pound experienced a significant rebound versus the Japanese yen, rising 300 pips from daily lows. GBP/JPY bottomed during the Asian session at 152.47, the lowest level in a week but then turned to the upside.
It started to recover during the European session and then after wall Street opening bell extend the rally on the back of a stronger pound across the board.
From the bottom to test last week highs
GBP/JPY recently climbed to 155.36, the highest since last Wednesday and approached last week highs located at 155.75/80. A break above could open the doors toward the next relevant resistance seen around 156.70 (Apr 6 high) and 158.40 (Mar 22 & 24 low).
Momentum turned in favor of the pound but if it fails to break above 155.80 and droops under 154.00, April lows would be exposed again.