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, we looked at GBP/JPY while it tenuously traded around support at the 135-handle. As we noted, should support hold above 135, this could’ve opened the door for continued bullishness on the prospect of a continuation of higher-highs and lows; and with Central Bank meetings from both the U.K. and Japan on the docket in the coming weeks, the potential for motivation of this theme certainly existed.
This can open the door for top-side plays in the pair, and traders can investigate stops below either the July swing low at 128.50 or the August swing-low at 129.00. On the top-side of the pair, traders would likely want to take notice of the potential resistance at 133.20, which was the Brexit swing-low, followed by the thick batch of potential resistance between 135.00-135.72.
Chart prepared by