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GBP/JPY holding up as bullish PMI is released

FXstreet.com (London) - The GBP/JPY has been consolidating between the defense for 150.70, between 152.40 and 153.30, since Fridays tumble.

On the release of a bullish PMI 51.3 against a consensus of 50.2 and previous 49.8, GBP/JPY has sights through 153.00.
However, the pair is still someway off the 155.00 zone and remains within the break out bear market’s range below the previous ascending support line, 155.00. While indecisive, the risk lies to yet another test of 152.30, for further support sighted at 151.70 and 150.70. This week is jam packed with market moving data, and the USDJPY will be in focus, bring the cross in line with either dollar or JPY related data. NFP will be under scrutiny, and positioning in USD/JPY wil come into affect around the releases this week.

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