GBP/JPY: Overall, this market remains very well offered on any form of a rally, with the latest setbacks below 120.00 opening the door for a retest of the critical record lows from September by 116.80. However, at this point we would caution bears as daily studies are looking stretched and there is still risk for a more sizeable corrective bounce. Nevertheless, a break back above 120.30 would be required to relieve immediate downside pressures.
--- Written by Joel Kruger, Technical Currency Strategist
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