GBP/JPY up over 2% in early Asia as 'Remain' claws back

GBP/JPY reflects the improved risk sentiment at the open of markets in Asia, with the exchange rate being quoted between 152.50-152.60, havig reached multi--week highs at 153.00 just minutes ago, in what has been a very volatile start of the week for the Sterling.

Brexit: 'Remain' camp recovers ground

The latest opinion polls on the EU referendum over the weekend have taken a turn in favour of the 'Remain' camp, according to the most recent surveys conducted by BMG, Opinium, YouGov and Survation. As noted earlier: "The latest BMG poll (conducted over the phone) shows Remain with 53.3% vs Leave with 46.7%. Meanwhile, Opinium shows an even result of 44% for both Leave and Remain. As per YouGov, 43% want to Leave and 44% to Stay, with 9% Undecided. Lastly, the Survation poll shows 42% Leave, 45% Stay, 13% Undecided."

GBP/JPY outlook

The most recent rise in Asia has been fueled by a stops galore, as overly bearish GBP traders get taken out of their positions following the increased risk sentiment. At present, the immediate resistance can be found at 153.00, today's high, followed by every sequence of 50 pips upmove (mid and round numbers). On the downside, same criteria applies, with most of the bids/buying interest to re-emerge at mid/round numbers.