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GBPJPY: No Shortage of Volatility
On Sunday I discussed how GBPJPY closed back below a certain key level before the weekend. That level is descending channel resistance from the year-to-date high. We have two patterns at work. The first is an ascending channel that broke down in May. We looked at that breakdown several times earlier this year. The second structure is a descending channel that extends from the year-to-date high. You can see where sellers defended resistance at 148.00 last week. If we drop to the daily time frame, we can see where GBPJPY came under additional selling pressure during yesterday’s session. However, so far today, buyers ... (full story)