GBP/JPY consolidates highs around 174.00

FXStreet (San Francisco) - The GBP/JPY is joining the sterling strength this week and after climbing 70 pips from 173.40 to nearly 6 month highs at 174.20 in the European morning, the pair is now trading in consolidation mode around 174.00.

Currently, GBP/JPY is trading at 174.06, up 0.44% on the day, having posted a daily high at 174.25 and low at 173.27. The hourly FXStreet OB/OS Index is showing overbought conditions, alongside the FXStreet Trend Index which is slightly bullish.

GBP/JPY levels

If the pair holds above 174.00, the GBP/JPY would face resistances at 174.50 and 175.00. On the downside, 173.90, 173.40 and 173.10 are supports.