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GBP/JPY witnessed a flag breakout earlier today on the 15-minute chart. So far, however, the pattern has failed to accelerate the preceding bullish move.  

In fact, the pair is now trading on the defensive at 147.75 and falling toward the flag low of 147.55.  

A break below the flag low could invite more selling, yielding a drop to 147.00.  

On the higher side, a break above 148.06 is needed to shift risk in favor of a rally toward 148.50.  

15-minute chart

Trend: Neutral