GBP/JPY Classical 03.25
GBP/JPY: The market is in the process of correcting out from oversold levels, with the cross now consolidating back above the 20-Day SMA. 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. A break back above 139.50 would be required to take pressure off of the downside.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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