- 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
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