GBP/JPY recovers from 1-week lows and approaches 157.00

The pound is rising on Monday against the yen after ending last week with losses. GBP/JPY dropped during the Asian session to 155.66, the lowest level in a week and then bounced to the upside.

Initially, it found resistance at 156.55 and pulled back, but it was able to hold above 156.00. After the beginning of the American session, it gained bullish momentum, broke above 156.55/60 and climbed to 156.73, reaching a fresh daily high.

Price remains near the highs, consolidating a daily gain of 75 pips and trading near the 157.00 area as the yen remains among the worst performers in the currency market.

GBP/JPY technical levels

To the upside, resistance levels lie at 15670/75 (daily high), 157.30 (20-day moving average), 158.00/05 ( May 10 & 11 high) and 158.45/50 (Mar 22 & 24 low 7 / May 12 high). On the other direction, support levels might be seen at 155.95 (May 5 high / European session low), 155.65 (daily low) and 154.85 (May 2 & 5 low).