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The short-term oscillators currently suggest that bullish forces are waning but remain in control. Specifically, the RSI has flatlined above its 50-neutral mark, while the MACD histogram is softening above both zero and its red signal line.
Should buying pressures intensify, the seven-year high of 172.77 could be the first barricade for the bulls to clear. Slicing through that barricade, the pair could ascend towards levels not seen in years, where the March 2014 resistance of 173.45 could curb any upside attempts. If that barricade fails, the bulls might then attack the April 2015 high of 175.00.
Alternatively, if the positive momentum wanes and the price reverses lower, the recent support of 171.20 could act as the first line of defence. Further declines could then cease at the December resistance of 169.26, which could serve as support in the future. A dive beneath that region could trigger a decline towards the 166.83 support.
In brief, GBPJPY has been rangebound after its advance peaked at a seven-year high of 172.77. Therefore, a failure to create a fresh higher high may open the door for a moderate downside correction.
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