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GBPJPY Recap and Outlook for Next Week
On Sunday I discussed a level on the GBPJPY that was likely to attract selling pressure. The 150.70 handle served as a pivot for the pair between the 28th of March and the 20th of April. The sub 150.70 close on April 27 suggested that any retest of the area as new resistance would encounter sellers. Sure enough, Monday reached the 150.70 area just before hitting a wall of offers and a session high of 150.85. As you can see from the chart below, the next four sessions produced down days, and the GBPJPY is still 300 pips below the 150.70 handle. Another level I pointed out on Sunday was channel support at 147.00. This ... (full story)
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