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GBP/JPY Technical Analysis – Prices recoiled from resistance at 154.33, the 38.2% Fibonacci expansion, with the pair now retesting support marked by the 23.6% level at 151.56. A break below that targets a rising channel bottom at 149.77. Alternatively, a move above 154.33 eyes the channel top at 154.98.
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Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
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