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GBP/JPY eases off highs to 153.47/49

FXstreet.com (Barcelona) - The GBP/JPY has been streaming ahead Tuesday, helped by a steadfast recovery and renewed strength of the GBP.

In the United Kingdom, PMI Construction was reported at 50.8 in May, beating expectations calling for 49.6, and compared to a figure of 49.4 previously.

According to the Technical Analyst Team at ICN.com, “The GBP/JPY is rebounding after testing the bottom of the latest range-bound near 132.00 – an initial overhead resistance resides at 153.35 a break above it should signal a retest of the top of this range around 154.70. Overall, we prefer remain neutral for now.”

At the time of writing, the cross is operating off its highs (153.83) at 153.47/49, still recording a sizable gain of +0.64% during European trading. Technically speaking, after exceeding the 153.16 resistance, the Mataf.net analyst team identifies the next means of resistive correction at 153.86, followed by 154.48. On the pullback, a break below 151.84 will foster supportive measures at 151.22 and 150.22.

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