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GBP/JPY seeking out the 174 handle

FXStreet (Barcelona) - GBP/JPY is trading at 173.56, up 0.93% on the day, having posted a daily high at 173.67 and low at 171.71.

GBP/JPY is targeting 174 and extending the gains made from the middle of the month with key support lined up at the 172.00 level. With the markets normalised and the Yen suffering as investors look for rewards, the pair is making ground with conviction. Today in the UK, we heard from BoE’s Broadbent who stated that rates will only increase when headwinds dissipate.

GBP/JPY noteworthy levels

Current price is 173.57, with resistance ahead at 173.67 (Daily High), 174.04 (Weekly Classic R1), 174.36 (Daily Classic R3), 176.06 (Weekly Classic R2) and 178.45 (Monthly High). Next support to the downside can be found at 173.52 (Daily Classic R2), 173.39 (Daily 100 SMA), 173.21 (Daily 20 SMA), 172.87 (Weekly High) and 172.75 (Daily Classic R1).

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