GBP/JPY: The earlier break below some very prominent and familiar range lows by 140.00, proved to be false, with the market in the end, adhering to the range lows and subsequently bouncing. Price action on Tuesday looks very constructive and could now open an acceleration back towards 145.00 over the coming sessions. Any intraday setbacks should be well supported ahead of the 10-Day SMA by 141.00.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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