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GBP/JPY rises to 1-week highs

FXStreet (Córdoba) - A weak yen and a strong pound pushed GBP/JPY to the upside. The pair is rising for the second day in a row and recently printed a fresh high at 172.89, level not seen since September 3.

Cable so far is among the top performers on Wednesday and is having the best day against the yen since January, as it climbs almost 200 pips.

After starting the week with a significant bearish gap of a hundred pips and dropping to 169.35 GBP/JPY bounced to the upside amid a decline of the yen in the market. But on Wednesday, the Japanese currency continued to slide across the board but the pound strengthened and recovered ground.

From weekly lows GBP/JPY has risen over 300 pips in three days. The rally found resistance slightly below 173.00. If the pair climbs above the next resistance could be located at 173.40 and above here 173.95 - 174.00 (September 2 high).

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