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GBP/JPY buyers could defend SMA crossover

The advance in GBP/JPY prompted its 100-hr SMA to cross above the slower 200-hr SMA.

The low prices printed on hourly charts are at a converging distance to the “Golden Cross”. This price level is likely to underpin the GBP/JPY rate as buyers find support at the confluence. The risk scenario is set once a close beyond the 200 SMA is printed.

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