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GBP/JPY crept above 175.50, more upside in store?

FXStreet (Moscow) - GBP/JPY has recovered from the support area of 175.00 and touched the Asian high at 175.69 amid JPY weakening across the board; currently the cross is trading at 175.54

Recovering from Thursday's losses

GBP/JPY lived through an awful day on Thursday as the cross lost more than 100 pips and touched the fresh weekly low at 174.31 before recovering towards 175.05. The downside was caused by JPY growing across the board and intensified by GBP weakness during NY hours yesterday. Ahead looks like an empty calendar both for Japanese and Brithish currencies, which means that the cross is likely to be influenced mainly by technical factors. US labour market report published later today, might have a knock on effect on GBP/JPY, though the might be contained by 174.31 (yesterday’s low) on the downside and 176.00/19 on the upside.

What price levels and patterns have to be considered?

Spot is presently trading at 175.55, and next resistance can be seen at 175.71 (Daily High), 175.90 (Daily 20 SMA), 176.36 (Daily Classic R1), 176.57 (Weekly Classic S1) and 176.67 (Yesterday's High).

Support below can be found at 175.55 (Weekly Classic S2), 175.44 (Hourly 20 EMA), 175.34 (Daily Classic PP), 175.04 (Daily Open) and 175.04 (Weekly Low).

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