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GBP/JPY - Breakout rally losing momentum
Last weeks breakout following a long period of consolidation has seen GBPJPY make strong gains to the upside and it’s about to face its first big test. The pair has previously seen support and resistance around 154.50 and we appear to be seeing that once more as it pushes for a fifth consecutive day of gains. The stochastic and MACD on the 4-hour chart suggest that after such a strong run, the rally is losing momentum rapidly, which may indicate that a correction is due. If we do see further profit-taking and a correction then the first test below could come around 153.75, with a break of this drawing attention ... (full story)