GBPJPY – The cross followed through higher on the back of its Friday strength during Monday trading session today. This leaves the risk of further upside towards the 171.50 level where a violation will pave the way for a move higher towards the 172.00 level.
A decisive break and hold above here will open the door for additional gains towards the 172.78 level where a break will aim at the 173.13 level. A violation will aim at the 174.00 level. Its daily RSI is bullish and pointing higher supporting this view.
On the downside, support comes in at the 170.15 level where a break will aim at the 169.49 level. A cut through here if seen will target the 168.63 level and then the 168.00 level. All in all, the cross remains biased to the upside on corrective recovery.
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