GBP/JPY rebounds sharply to fresh weekly highs above 154

Having bounced-off lows near 152 handle in the Asian trades, the GBP/JPY cross extends its solid recovery into the mid-European session, with the bulls on a roll as Brexit panic continues to wane.

GBP/JPY regains 20-DMA at 153.99

Currently, GBP/JPY jumps 0.90% to 154.05, easing-off fresh weekly highs scored at 154.28 in the last hour. The GBP/JPY cross staged a solid comeback this session, rebounding almost 2 big figure as markets continue to cheer the latest opinion poll outcomes showing the Remain camp as the overall winner, just two days away from the referendum.

Moreover, supporting the renewed rally in the cross, the yen weakens further against greenback as sentiment remains buoyed amid easing Brexit fears. Against the back drop of the looming Brexit vote, all eyes now turn towards Yellen’s testimony scheduled later in the NA session.

GBP/JPY Levels to consider 

The pair has an immediate resistance at 154.50 (daily R2), above which 155.07 (Jun 10 High) would be tested. On the flip side, support is seen at 151.50/48 (psychological levels/ daily S1) that at 151.29/21 (10 & 5-DMA).