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GBP/JPY breaks above 173.00, 2-week high

FXStreet (Córdoba) - The decline of the yen across the board pushed GBP/JPY to the upside. The pair broke above key short term resistance levels and jumped to 173.14, reaching the strongest level since October 10.

Cable remains near the highs, rising more than a hundred pips and headed toward the strongest daily close in two weeks, extending the recovery after falling last week to 168.00.

JPY driving GBP/JPY to the upside

The bullish rally of the pair is being boosted by the decline of the yen in the market. While GBP/USD continues to trade around daily lows, near 1.6000; USD/JPY recently broke above 108.00, to trade at fresh weekly highs, with a gain of more than a hundred pips.

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