GBP/JPY Follows Through Higher On Price Extension

GBP/JPY extended its strength on Thursday following its rally on Wednesday. On the downside, support comes in at the 131.50 level where a violation will aim at the 131.00 level. A break below here will target the 130.50 level followed by the 130.00 level. Conversely, resistance is seen at the 132.50 level followed by the 133.00 level. A cut through that level will set the stage for a move further higher towards the 133.50 level.

Further out, resistance resides at the 134.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, GBP/JPY remains biased to the upside on further recovery pressure.

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