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GBPJPY – Ready to Bust?
One of the better trading signals out there is when fundamentals move one way and technicals the other. For the past week UK data has been nothing short of horrid yet cable has stopped falling and has actually remained relatively bid against most of the majors.
One of the stronger crosses over the past few days has been GBP/JPY which has been fueled not only by relative strength of cable but by the breakout in USD/JPY. With the pair now approaching the 135.00 figure it stands on the cusp of breakout that could propel it towards the 140.00 level over the next several weeks if US data proves positive and UK data simply beats the lower expectations.