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Forex pairs in this Article » GBP/JPY
FXstreet.com (Barcelona) - Having largely ranged throughout the overnight session between 129.193 and 192.458, GBPJPY broke lower this morning past the daily pivot point at 129.200 and eventually tested the 50 MA at 129.064 following extremely bullish UK PMI numbers.

However, the move was swiftly reversed with price rebounding to where it is currently trading at 129.280. ICN.com analysts are bullish on the pair, noting that stability above 129.05 indicates the potential for a push higher to test 130.35. Looking at a longer time frame they highlight 128.40 as representing key support and believe that so long as spot remains stable and higher, upsides can be targeted.

Calendar wise, Europe is over for the day, but the monthly headline events lie ahead with NFP's and US Unemployment due alongside Canadian Unemployment at 12:30 GMT. Equities have moved off their lows and have just pushed their heads into positive territory alongside US futures. Commodities however are still largely underwater whilst critical yields remain stable.
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