GBP/JPY in 2-week highs near 137.00

The solid momentum in the Sterling in combination with increasing weakness around the Japanese Yen is sending GBP/JPY to fresh highs near 136.70.

GBP/JPY bounces off 133.00

The pair is advancing nearly four cents, or more than 2%, since session lows in the 133.00 neighbourhood, as the sell off in the safe haven remains unabated on extra stimulus by the Japanese government.

In addition, the risk-on sentiment keeps its grip today, bolstering the upside momentum in GBP along with dwindling fears on potential ‘Brexit’ consequences.

GBP/JPY key levels

As the moment the cross is up 2.23% at 136.52 and a break above 139.05 (high Jun.29) would expose 140.78 (38.2% Fibo of post-Brexit down move) and finally 150.74 (55-day sma). On the other hand, the next support lines up at 128.77 (2016 low Jul.6) ahead of 125.63 (monthly low Nov.2012) and then 124.68 (monthly low Oct.2012).