Tuesday, January 23, 2024 8:30 PM EST
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In a decisive show of market tenacity, GBPJPY refused to break below the bottom of the rising price channel on the 4-hour chart. As a result, current operations have been confined to a trading range of 187.30 and 188.89, which, in turn, reflects the persistent uptrend from 178.72.
As far as the price remains within the channel, we can keep our hopes up for the resumption of the upsurge. A stride past the 188.89 level could potentially spark a further bull run, aiming for the 190.00 mark.
However, the vigilant trader should pay attention to the vital support level situated at 187.30. A slump below this level would be indicative of a potential culmination of the upside move at 188.89. In such a case, the quest for support would lead the pair towards the vicinity of 185.00.
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