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GBP JPY Price Action Building a Base
The recent GBPJPY sell-off from the February 2 high of 156.62 to the February 14 low of 147.950 has abated with traders looking for guidance for the next move. The low print of 147.950 also coincided with the 50% Fibonacci retracement level of the August 2017 – February 2018 move and is likely to provide short-term support ahead of the next retracement level at 145.923. On the upside a break and close above 150.000 would open the path to 152.535 although a cluster of EMAs between 150.900 and 151.700 may offer secondary resistance. Traders also need to be aware of any Brexit commentary that is coming out with UK PM ... (full story)