GBP/JPY – More losses below 50-DMA

FX:GBPJPY   British Pound / Japanese Yen
Pair’s retreat from the six-week high of 138.83 to near 50-DMA level of 134.88 suggests a short-term top is in place and the pair may witness a bout of congestion in the short-term.

Bears should watch out for a break below 50-DMA as that could yield further sell-off towards 130.00 levels.

On the other hand, a rebound from 50-DMA followed by a break above 5-DMA could yield a break above recent high of 138.83 levels in the subsequent days.
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