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GBP/JPY in consolidation ahead of main events

FXStreet (Barcelona) - GBP/JPY is trading at 176.45, up 0.12% on the day, having posted a daily high at 176.67 and low at 176.17.

GBP/JPY’s decline has stalled on 176.20 and attempts through the middle of the handle have been met with supply to current levels. The cross was hit on cross waves through the Yen while US equities and yield allowed profit taking through the greenback and a strong JPY as a result in the US shift. We are now entering a phase of consolidation while we await the showdown in the ECB and NFP’s at the end of the week.

GBP/JPY noteworthy levels

Current price is 176.46, with resistance ahead at 176.57 (Weekly Classic S1), 176.67, 176.86 (Daily Classic PP), 177.00 (Hourly 20 EMA) and 177.45. Next support to the downside can be found at 176.29, 176.19, 175.99 (Daily 20 SMA) and 175.58 (Daily Classic S1).

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