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.
