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GBP/JPY rises 300 pips from daily lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The pound experienced a significant rebound versus the Japanese yen, rising 300 pips from daily lows. GBP/JPY bottomed during the Asian session at 152.47, the lowest level in a week but then turned to the upside.

    It started to recover during the European session and then after wall Street opening bell extend the rally on the back of a stronger pound across the board.

    From the bottom to test last week highs

    GBP/JPY recently climbed to 155.36, the highest since last Wednesday and approached last week highs located at155.75/80. A break above could open the doors toward the next relevant resistance seen around 156.70 (Apr 6 high) and 158.40 (Mar 22 & 24 low).

    Momentum turned in favor of the pound but if it fails to break above 155.80 and droops under 154.00, April lows would be exposed again.
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