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GBP/JPY 4H Chart: Tests Resistance Cluster

The British Pound has appreciated by 1.87% in value against the Japanese Yen since the beginning of December. The currency pair was guided up by the 50– period simple moving average.

Currently, the GBP/JPY exchange rate is testing a resistance cluster formed by the weekly R1 and the monthly R2 at 143.53.

If the resistance cluster holds, a decline towards the 141.26 zones could follow within next week’s trading sessions.

However, if the currency exchange rate breaks the weekly R1 and monthly R2, a surge towards the upper border of an ascending channel pattern at 146.10 will be the next target.

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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