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GBPJPY Breakout Approaching Initial Resistance Hurdles
Technical Outlook: GBPJPY broke above long-term trendline resistance extending off the 2015 highs this month with the advance now approaching the first major resistance hurdle just ahead of the 152-handle. This threshold is defined by the 38.2% retracement of the 2015 decline and converges on the upper parallel over the next few days. Notes:A closer look at price action sees GBP/JPY trading within the confines of an ascending pitchfork formation extending off the June lows with the 50-line further highlighting this near-term resistance zone. Look for interim support at the 150-handle with our focus higher in the pair ... (full story)