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GBPJPY finds itself at the intersection of the two biggest stories this week – the US payrolls data tomorrow and the Brexit negotiations with EU. The pair was extremely volatile today jumping up and down at every positive or negative headline and could remain so until the end of week’s trade, but should developments follow the scripts of the bulls, the pair could skyrocket through key resistance at the 153.00 level taking out the yearly highs.
If UK and Ireland can come to terms the prospect of a soft Brexit is sure to increase sending cable to a test of post-Brexit highs above the 1.3600 level, that in turn could lift GBPJPY towards 155.00 especially if tomorrow’s NFP show strong wage growth. The one-two confluence of positive factors could send the pair to fresh yearly highs. Of course, headline risk works both ways and the pair could tumble hard below 150.00 if both stories disappoint.