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Forex: GBP/JPY explodes to 152.20/25

FXstreet.com (Barcelona) - The GBP/JPY exploded today as fresh concerns over the yen have sparked an all out siege on the currency. In recent minutes the cross peaked at the 152.56 level (intraday maximum), before being checked by resistance. In these moments, the pair has eased back slightly to settle at 152.20/25, up a steadfast +1.49%.

Markets will be watching to see if Japan comes under fire as they continue to flaunt their taste for controversial policies that have led to a rapid devaluation of their currency. With the G20 meeting set to continue Friday, investors will be keying in for details.

After rallying above the 151.48 resistance level, the Mataf.net technical analyst team has identified an additional level of correction at 152.47. A paring of some gains will ultimately lead to the cross encountering support at 148.97, ahead of 147.98, and 147.22.

“The GBPJPY maintained the bullish bias yesterday, and is attempting to break the 151.15 resistance level, which If able to hold above it, we may see further upside towards the recent highs around 153.85 level. Overall, we will wait for stability above 151.15 to confirm the next move.” Notes the ICN.com analyst team.

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