GBP/JPY jumps 200 pips from lows, correction over?

• Pair rebounds sharply from 2-week lows. 
• Pound supported by Carney’s comments. 

The GBP/JPY pair is about to end the day with gains after rising 200 pips from the low. Boosted by a stronger pound, it managed to erase losses and even traded above 154.00. 

The pound extended gains after receiving support from Bank of England Governor Carney. He spoke at the Lords’ Economic Affairs select committee and offered a positive outlook to Parliamentarians. The danger of a "disorderly Brexit" has become less likely, said Carney. 

During the presentation, the pair continued to rise and recently the pound printed fresh highs across the board. GBP/JPY recently reached 154.07, a new fresh 2-day high. It is hovering slightly below 154.00. A consolidation above the 154.00 region (also the 20-SMA in four-hour charts) could add more strength to the pound. A rejection could signal that the correction from levels near 156.00 might not be over. 

Technical levels 

To the downside, the immediate support is seen at 153.50, followed by 152.80 (Jan 29 low) and 152.00. On the upside, resistance could be located at 154.10/15, 154.75 and 155.35/40 (Jan 23 high).