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Tuesday, February 4, 2014

GBP/JPY - Look for more downside pressure towards 161.50 and lower.

GBP/JPY

Is accelerating lower after the break below the base channel support line and is getting close to the first target at 161.50, which marks the 23.6% corrective target of the rally from 117.27 to 174.84. However, a more likely target is at the 38.2% corrective target at 153.33.

Short term look for resistance at 166.66 for the decline lower towards 161.50.

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