GBP/JPY posts fresh 5-week highs

FXStreet (Mumbai) - GBP/JPY advanced to fresh five-week highs in the mid-Asian session, finally gaining some momentum following choppy trading, largely on sterling strength.

Trades above 100-DMA

Currently, the GBP/JPY cross traded at 182.35 levels, up 0.10% on the day, retreating from fresh five week highs posted at 182.46 levels an hour ago. The cross in GBP/JPY gained largely on the pound strength as markets look forward to Bank of England’s (BOE) inflation report due tomorrow, ignoring UK factory output data.

Meanwhile, yen traded flat versus the USD amid thin trading as Japan remains closed today on a national holiday.

As of writing, USD/JPY trades unchanged at 119.43 levels, while GBP/USD holds mild gains and trades at 1.5261.

GBP/JPY Levels to consider

To the upside, the next resistance is located at 182.50 and above which it could extend gains to at 183 levels. To the downside immediate support might be located at 181.54 (5-DMA) levels below that at 181.10 levels.

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