GBP/JPY extends gains above 131.00 as Wall Street surges

• Pounds remains among the top performers on Tuesday, at key levels against main rivals 
• Yen weaker amid risk appetite, Wall Street indexes up by more than 6.50%. 

The GBP/JPY rose further during the American session and printed a fresh daily high at 131.45, the strongest level in two days and near last week highs. The positive tone around markets is supporting the rally in the cross. 

The pound is recovering across the board on Tuesday, and is in the group of the top performers. The risk appetite mood in markets boosted the currency that was among the most affected last week. 

The bullish momentum remains intact and pound’s crosses are at critical levels. GBP/JPY is around the 131.30 zone (Mar 17 high / Mar 12 & 13 low) while EUR/GBP is testing the 0.9150 area (Mar 16 & 17 high / Mar 23 low) and GBP/USD 1.1800. A break in favor of the pound would add more strength to the current rally. 

Sharp gains in Wall Street and rising US yields are sending the yen lower in the market. The US 10-year yield rose to 0.88%, the highest since Friday while the Dow Jones gains 9%. 

GBP/JPY Technical levels