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GBP/JPY Technical Analysis: Bulls Set Sights on 154.00

GBP/JPY Technical Analysis: Bulls Set Sights on 154.00

Ilya Spivak, Head Strategist, APAC

GBP/JPY Technical Analysis– Prices broke above resistance in the 151.20-56 area, marked by a former support level in play since late April and the 23.6% Fibonacci expansion.The bulls now aim to challenge the 38.2% level at 154.33. Alternatively, a move back beneath 151.20 eyes the 150.00 figure.

dailyclassics_gbp-jpy_body_Picture_12.png, GBP/JPY Technical Analysis: Bulls Set Sights on 154.00

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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