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GBP/JPY Price Analysis: Eases around 159.00 inside monthly falling channel, UK jobs eyed
GBP/JPY fades from a two-day rebound near 159.00 as traders await UK data during Tuesday’s Asian session. In doing so, the cross-currency pair remains inside a one-month-old descending trend channel formation, recently firmer around the 50% Fibonacci retracement (Fibo.) of December 2021 to April 2022 upside. It’s worth noting that the GBP/JPY breakout of 50% Fibo enables the quote to aim for further upside. However, bearish MACD signals and a strong resistance to the north comprising the 50-day EMA and upper line of the stated channel, near 160.35-30, could challenge the buyers. Meanwhile, a clear upside break of ... (full story)