GBP/JPY rises to 6-day highs boosted by a weak yen

GBP/JPY gained momentum during the American session particularly after breaking above the short-term resistance seen around 131.30. It climbed to 132.11, reaching the highest level since last Thursday. 

The pair is hovering around 131.90/95, up 0.95% for the day, having the best performance since early September. Gains were boosted by a decline in the Japanese currency in the market, lead by a rally in the USD/JPY pair that jumped above 103.00. 

Despite rising versus the yen, the pound remains under pressure in the market amid fears about the Brexit process, that is likely to start March 2017. 

Levels to watch 

Today rally pushed the price away from the psychological mark of 130.00 and closer to last week highs that lie at 132.40/45; a break higher would expose 133.00 and the next resistance could be seen at 133.25 (Sep 21 high). 

On the opposite direction, a decline below 131.60 would remove the short-term bullish momentum out of the pair and it could drop to test the 131.30 support area; below the next areas of support could be 130.50 (daily low) and the 130.00 zone.