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Forex: GBP/JPY closes higher but remains in consolidation on daily chart

FXstreet.com (Barcelona) - The GBP/JPY closed the session up 72 pips at 152.06. At point, the pair traded as high as 153.23 intra-day, but was unable to maintain a bid at higher prices. The pair is currently edging higher during Asia trade, up 14 pips at 152.25. Economic data out of the UK will be limited to the Market Services PMI at 8:28 GMT. However, expect the action to really pick up when the US Jobs Data is released later in the day at 12:30GMT.

The FXStreet.com trend index remains slightly bullish on the daily chart, while the OB/OS Index reads neutral. Short term moving averages remain in bullish set up, with price above both the 9 and 20dma’s. The RSI (14) is also bullish, sitting just above the 60 level (between the 40-80 bullish zone). In order to take the next leg up, the pair needs to build value and close above initial resistance at the 153.60 level which has been limiting advances since early April. Initial support sits at 151.97 (the 20dma on 1 hour chart)

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