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British Pound at Risk of Break Lower versus Yen

British Pound at Risk of Break Lower versus Yen

David Rodriguez, Head of Product
British Pound at Risk of Break Lower versus Yen

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GBPJPYViolently choppy price action in the Japanese Yen makes it difficult to establish a lasting trading bias, but a recent build in GBPJPY selling warns that the pair may continue higher.

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

British Pound at Risk of Break Lower versus Yen

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

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