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Christopher Lewis
GBP/JPY daily chart, December 03, 2019

The British pound is trying to break out during the trading session on Monday as we have had a positive market. At this point in time it’s likely that the ¥142 level being broken would be a sign that we are ready to go much higher. At this point in time, the market is likely to go looking towards the ¥145 level, which of course is a large, round, psychologically significant figure. Beyond that though, if you measure the flag that we are trying to break out of, the market is very likely to go looking towards the ¥149 level.

GBP/JPY  Video 03.12.19

Pullbacks from here should have plenty of support, extending all the way down to the ¥139 level, with a special emphasis on the ¥140 level as it is a large, round, psychologically significant figure, and of course an area that will attract a lot of attention. All things being equal, this is a market that certainly looks as if it is going to break out, and it’s only a matter of when at this point. Expect a very impulsive move if this does in fact happen, as it will be a major break of resistance now that we are clearly above the 61.8% Fibonacci retracement level it makes sense that we go looking towards the 100% Fibonacci retracement level which matches up quite nicely with the measured move of the flag. It is not until we break down below the ¥135 level that I would consider selling.

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