Buy GBP/JPY at 130.65
We initially went long the GBP/JPY at 130.65 (yesterday’s high) as the pair looks likely to test, then break above the 10-day SMA as daily studies indicate that the pair is oversold. A break above this simple moving average, which has formed as a line of resistance since May 5th, will expose resistance levels at 132.86, and 134.13. I will look to target 134.13, with a stop at 130.08.
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