British Pound at Risk of Break Lower versus Yen
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Trade Implications – GBPJPY:Traders recently turned net-long the Sterling versus the Yen as it traded sharply below ¥177, but as of this morning a wave of selling left the crowd net-short as the pair made a run towards ¥173. It’s early yet, but the sharp shift warns that the GBPJPY could indeed trade to further highs. Congestion near ¥175 looks like a plausible short-term price target.
See next currency section:EURUSD - Euro at Clear Risk of Further Declines
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.