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Fan Yang

GBP/JPY - Resistance at Previous Support Suggests Bearish Continuation

GBP/JPY has been recovering since August after it found support around 127. However, after almost reaching 136, it found resistance.

$GBPJPY Daily Chart

(click to enlarge)

Support Turned Resistance:
-  The fact that this 136 area was a previous support pivot suggests that GBP/JPY is still bearish and might come back down to challenge the current lows on the year around 127.
- If price does come down to 127, I would suspect more downside towards the 2016 low around 125.
- I wouldn't be surprised if GBP/JPY falls to 117 before finding support, though I suspect we will see support around 120. 

GBPJPY Weekly Chart

(click to enlarge)

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