GBPJPY: Triggers Recovery, Eyes Further Upside.
GBPJPY – With the cross triggering a correction we expect further recovery higher in the days ahead.
This is coming on the back of a negative candle formation on Friday. Resistance resides at the 170.16 level with a break of here targeting further upside. Further out, resistance is seen at the 171.62 level, its Mar 13 2014 high with a cut through aiming at the 172.50 level. On the other hand, support lies at the 167.93 level where a breach if seen will target the 167.00 level and then the 166.12 level. Further down, support comes in at the 165.00 level. All in all, the cross faces immediate recovery risk in the days ahead.
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