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GBP/JPY above 154.00 enjoys a slight bullish correction

FXstreet.com (London) - GBP/JPY has enjoyed a significant run up overnight from a consolidation day yesterday, heading towards the broken support at 154.75-155.00 area.

The pair has managed a break out above the 152.80 resistance line overnight to record a high in European hours of 154.43 on a weaker Nikkei. At the time of writing, the pair has shed 50 pips to trade back below the figure 154.00 where it now oscillates.

US data will be watched for a play on the Yen, with May surveys coming up heading into next week’s payrolls. The market expects a flat reading in the Richmond Fed and improvements in the Dallas Fed (from -15.6 to -10) and Conference Board Consumer Confidence (from 68.1 to 70.7).

There maybe a bias for buying USD/JPY on dips, albeit with month end approaching, sizes in volume maybe less and the market may continue to stick with the ranges of late. A GBP/JPY bearish scenario is till possible below the 155.00 area with support 153.80 and 153.25 as last defence for 152.70 and 152.00.

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