FXStreet (Córdoba) – GBP/JPY has risen more than 300 pips from the lows supported by risk appetite. The yen lost momentum across the board with the recovery in stock prices.
GBP/JPY still below last week highs
During the Asian session, the pair bottomed at 116.97, the lowest level since Thursday but then rebounded. It has been rising constantly during the last 12 hours. Price rose back above 170.00 and hit a fresh daily high at 170.27. It was trading at 170.05, up 0.85% for the day.
Despite the strong recovery the pair was still trading below last week highs. On Friday reached 170.35 and pulled back. To the upside, the pair could face resistance around 170.35 (Jan 22 high) and above at 171.10/20, where the 20-day moving average stands.
To the downside, 170.00 could become an intra-day support, followed by 169.35 (Jan 25 American session high) and 167.70 (100 and 200-hour moving average).
(Market News Provided by FXstreet)