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GBP/JPY 4H Chart: Sets For Breakout

The British Pound has depreciated about 1.52% in value against the Japanese Yen during last week’s trading sessions. The currency pair has tested the lower boundary of a descending channel pattern at 139.46.

The exchange rate is currently trading near the bottom border of the descending channel at 139.46 and could be set for a breakout.

If this breakout occurs, the GBP/JPY pair could continue its decline during next week’s session.

However, if the support level holds, the pair will make a retracement towards a resistance cluster at 142.09 in the shorter term.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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