GBP/JPY touches a high of 147.98 on the day and then backs off a little
The pair continues to trade near the highs for the day, but is currently testing key resistance levels in the form of the 50.0 retracement level @ 147.96 and the upwards trendline (support-turned-resistance).
The yen remains pinned down on the day as US yields are trading higher with 10-year Treasury yields now touching 2.95%, up 3 bps on the day. Meanwhile, sterling is also holding up decently alongside a bid in the euro.
The pair is posting a solid run back up after testing the 76.4 retracement level @ 143.39. But the levels mentioned above will be a key area to test buyers' resolve in a bid to extend the rebound. A break above opens up a move towards the confluence of moving averages near 149.80.
