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GBPJPY: Keep an Eye on 129.60
I wrote about GBPJPY on Sunday. The pair has been consolidating below new resistance at 129.60 since dropping below it on August 5th. However, one thing that caught my attention was the higher low between the 14th and 15th. That buying pressure led to Friday’s retest of 129.60 as new resistance. And while buyers are still encountering selling pressure here, you can see how the pair isn’t backing down from the area. That doesn’t mean we will see a break higher, but it does suggest that there’s quite a lot of demand sub 129.60. A close above 129.60 would open the door to a 132.20 retest. On the other hand, a ... (full story)