GBP/JPY recovers further and climbs to 1-week highs

Matías Salord FXStreet

The pound is rising for the third day in a row against the yen, as it continues to recover from 8-week lows. Since UK PM Theresa May speech GBP/JPY has risen 500 pips.

Today the key driver behind the rally is the decline of the yen in the market. The Japanese yen dropped across the board amid a rally in the USD/JPY pair, that rose above 115.00 as US bond yields jump for the second day in a row. The 10-year yields, that on Tuesday reached the lowest since November at 2.30%, its now at 2.487%. Also, the pound, received some support today from the decline of the EUR/GBP pair.

PM May's conciliatory speech eases Hard-Brexit fears in the near-term - MUFG

GBP/JPY holds a bullish tone

Today the pair opened trading around 140.50 and recently hit 142.18, the highest since January 9. It was trading at 141.95/98, up 1.25% for the day.

The rally so far stopped at the 20-day simple moving average, that stands at 142.15. A consolidation on top, could open the doors to more gains. Potential resistance levels are located at 142.50 (Jan 5 low) and 143.15 (Dec 29 high). On the flip side, support might lie at 141.45 (Jan 10 & 11 high), 140.10/15 (Jan 17 high) and 139.15 (Jan 18 low).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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