GBP/JPY Classical 07.29
GBP/JPY: Multi-day range resistance has now been broken and this helps to strengthen the case for a medium-term base by 126.75. The bullish price action on Tuesday has also resulted in a close back above the 100-Day SMA with gains now seen accelerating towards 140.00-142.00 over the coming sessions. Look for any setbacks to be well supported ahead of 133.00.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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