GBP/JPY: The market is in the process of correcting out from oversold levels, with the cross managing to break back above the 10-Day SMA for the first time in several days. Nevertheless, the current bounce can only be classed as corrective, with the market potentially looking to carve out the next lower top below 143.00, ahead of some bearish continuation. Key short-term levels to watch above and below come in by 137.35 and 133.95 respectively.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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