GBP/JPY: This market could be in the process of establishing a major base following the September break to record lows. However, the latest round of setbacks will need to hold above 118.00 for this newly adopted constructive outlook to remain intact. Look for a daily close back above 122.80 to confirm successful defense in the 118.00 area and open the door for a bullish resumption. Otherwise, a sustained break below 118.00 could open a break to fresh record lows below 116.80.
--- Written by Joel Kruger, Technical Currency Strategist
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