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GBP/JPY back on track

FXstreet.com (London) - Although the pound has been sighted at risk due to a dovish tone from BoE minutes, the GBP/JPY cross has benefitted where JPY supply has appeared in the afternoon session in London.

The pair have recorded higher levels at 155.77 as USD/JPY breached 103.00 handle while the market prepares its self ahead of a key US economic speech coming up later from Bernanke. Stops would have been triggered here, taking out the less committed bears in USD/JPY and volatility is most likely to be the order of the afternoon now.

This afternoon will shape events for the rest of the week, and support in the pair will come back in at the ascending channels old support line, which had actually been breached earlier in the session to the downside. MA’s offer a bearish tone on this pair on hourly's so closes need to meet previous highs and exceed them for a correction for the upside to resume. Resistances are 155.80 and 156.00 to give way for 156.75 and 157.50.

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