The offered tone around JPY gathered pace in Asia, pushing the GBP/JPY pair to 165.69 (38.2% of 2011 low-2015 high). Yen offered amid rally in equities Japanese benchmark equity index rallied more than 7% on short covering and amid speculation the Bank of Japan would come out with more stimulus. Consequently, the Yen was offered across the board and remains on a weak footing in early European session. The cross clocked a high of 165.75 before trimming gains slightly to trade around 165.40 levels. Ahead in the day, the pair remains at the mercy of the action in the European stocks. GBP/JPY Technical Levels The immediate resistance is seen at 165.69 (38.2% of 2011 low-2015 high), above which the spot could target 166.98 (Jan 26 low). On the other hand, a break below 165.07 (5-DMA) could see the cross fall back to 163.98 (Jan 20 low). For more information, read our latest forex news.