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GBP/JPY: Risk of a deep setback into 157.07/156.50 - JPMorgan

FXStreet (Bali) - Thomas Anthonj, FX Strategist at JP Morgan, sees GBP/JPY facing a considerable risk of a deep setback into 157.07/156.50.

Key Quotes

"On GBP/JPY we see the greatest setback risk into the 157.07/156.50 (int. 38.2 % on 2 scales) handle. For such a setback to receive confirming evidence it would however take breaks below 172.04 and 169.95 (minor 76.4 %/weekly trend)."

"As per EUR/GBP, above 0.7907 (daily breakout line), we’d expect a stronger recovery to 0.8009 if not to 0.8150 (int. 38.2 % on 2 scales), which would have to be cleared to reverse the broader downtrend."

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