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   “¢   The cross finally broke out of its four-day-old consolidative trading range and jumped to the 143.00 neighbourhood, or over one-week tops in the last hour.

   “¢   The up-move also confirmed a bullish break through a descending trend-channel, held over the past 2-1/2 weeks or so, and paves the way for additional gains.

GBP/JPY 1-hourly chart

   “¢   Looking at the broader picture, the descending trend-channel also constituted towards the formation of a bullish continuation flag chart pattern on the daily chart.

   “¢   Bullish oscillators on 4-hourly/daily charts add credence to the near-term constructive set-up, albeit overbought conditions on the 1-hourly chart capped gains.

Daily chart

   “¢   Traders now look to the release of latest UK consumer inflation figures before positioning for an extension of the pair’s recent up-move from over 2-week lows.


       Today Last Price:  142.91
       Today Daily change %:  0.32%
       Today Daily Open:  142.46
       Daily SMA20:  142.52
       Daily SMA50:  141.38
       Daily SMA100:  143.92
       Daily SMA200:  144.85
       Previous Daily High:  142.64
       Previous Daily Low:  141.72
       Previous Weekly High:  144.18
       Previous Weekly Low:  141.12
       Previous Monthly High:  144.85
       Previous Monthly Low:  131.79
       Daily Fibonacci 38.2%:  142.29
       Daily Fibonacci 61.8%:  142.07
       Daily Pivot Point S1:  141.91
       Daily Pivot Point S2:  141.35
       Daily Pivot Point S3:  140.99
       Daily Pivot Point R1:  142.83
       Daily Pivot Point R2:  143.2
       Daily Pivot Point R3:  143.75