Forex: GBP/JPY climbs to fresh weekly highs above 132.50

FXstreet.com (Barcelona) - Yen started plummeting while Tokyo markets were closed for lunch break, taking GBPJPY to previous weekly highs area, last at 132.49, off recent session and weekly highs at 132.61. The move came after another Japanese official reiterated on the strong monetary policy from BoJ in order to rise inflation, coupled with surging Chinese stocks, bouncing as much as +2.5% for the day.

Currently at 9470 points, the Nikkei is higher by +0.39% for the day, already opened for business and retracing from daily highs again above the 9500 points mark, while SP500 futures also bounce from recent weekly lows, and Hang-Seng is up +1.36%. Helped by USDJPY rise, the USD index is also off its recent 6-week low, last around 79.65. Next risk events for GBP ahead will be UK Services PMI at 09:30 GMT, and Autumn Forecast Statement at 12:30 GMT.

Immediate resistance to the upside for GBPJPY shows at recent session highs 132.60, followed by Friday's double intraday high at 132.80, and April 02 highs at 133.25. To the downside, closest support lies at yesterday's/Nov 22 highs 132.43, followed by Nov 27 highs at 132.07, and yesterday's/Monday's weekly lows at 131.56.