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GBPJPY Tests Key Resistance at 149.00
On Thursday of last week, I pointed out a key area of resistance on the GBPJPY near 149.00. This was a former support level as illustrated by the ascending channel that extends from the 2017 low. My first mention of this pattern was on May 4th. So we’re on the same page, here’s a view of the entire thirteen-month channel: Support broke down during the May 23rd session which was good for 200 pips from open to close. Buyers later forced a retest of the level as new resistance between the 6th and 7th of June, but sellers held their ground. Fast forward to today, and the pair is right back to test the level as ... (full story)