On Thursday, we went long the GBP/JPY at 130.65 as the pair looked likely to test, and then break above the 10-day SMA, with daily studies last week indicating that the pair was oversold. Currently, it has indeed broken above this simple moving average to reach a high of 133.28 on Friday. Looking at the 1 hr/30-day chart, the pair seems to be supported by a short-term rising trend, and in my view still seems poised to test pivot resistance at 132.99 in the near term. However, with the pair currently trading at 132.81, we will look to lock in profits and move our stop up from 130.08 to 131.3, with our target still at 134.13. - MW
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