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 at155.75/80. 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.