Forex: GBP/JPY says good bye to BoJ's Shirakawa above 144.50

FXstreet.com (Barcelona) - GBP/JPY is last at fresh weekly highs 144.55, overcoming previous weekly close Friday around the 144.00 handle, following the massive opening gap down to fresh weekly lows at 142.18 the cross started the week with yesterday. The move higher comes on the back solely of Yen weakness, as USD/JPY recovers more than +1.7% from yesterday's lows, while GBP/USD keeps flat for the time being.

The combination of Pound strength as the strongest currency among majors for last 2 trading days, coupled with recent Yen weakness has prompted the cross a +0.43% higher for the week so far, ahead of tomorrow's bank holiday in Japan, as Shirakawa steps down as BoJ governor. Volatility is expected in the nearest term as Japan will come back for trading right after tomorrow's FOMC, for which USD/JPY is usually very sensitive.

Immediate resistance to the upside for GBP/JPY shows at current levels as March 07 highs 144.80, followed by Friday's highs at 145.87, and Feb 11 highs at 147.92. To the downside, closest support lies at Friday's lows/Wednesday's highs 143.84, followed by Thursday's lows at 143.00, and yesterday's weekly lows at 142.32.