GBP/JPY hits one-week highs above 151.00 as US yields rise
|- Weaker yen across the board boost GBP/JPY.
- Cross gains for the third consecutive day, off monthly lows.
Market participants await Friday’s Jackson Hole speed by Fed Chair Powell.
A rally in USD/JPY boosted the GBP/JPY cross that climbed to 151.22, reaching the highest level in a week. The pound is hovering around 151.00, still unable to hold clearly above.
The Japanese yen is among the worst performers on Wednesday amid a sharp decline in US bonds. The 10-year yield jumped to 1.34%, the highest since August 13. Also, the improvement in risk sentiment weighs on the yen. The Dow Jones is up by 0.33%, and the Nasdaq gains 0.11%.
Technical outlook
In the short term, GBP/JPY is moving with a bullish bias. If it holds above 151.00, it could rise further toward the next resistance seen at 151.30/35 ahead of the stronger obstacle at 151.55.
The immediate support in the cross might be seen at 150.75 and then at 150.55, a short-term uptrend line that if broker should clear the way to more losses, toward 150.30 first and then to a test of 150.00/05.
Technical levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.