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GBPJPY ascends as BoJ is on the lookout
GBPJPY is edging higher again today, recording its ninth green candle in the last 10 sessions. The bearish momentum after the recent BoJ interventions has faded with the pair quickly returning to pre-intervention levels. This move raises the possibility for another swift reaction from the BoJ, especially as the recent Japanese data releases continue to disappoint. In the meantime, momentum indicators are bullish but there are some early signs of a rally exhaustion. More specifically, the Average Directional Movement Index (ADX) is edging higher, signaling the presence of a strong bullish trend in GBPJPY, but it ... (full story)