On the GBPJPY daily chart, we can see that the pair is testing the 200 SMA 147.458 level. We need to see a daily close above this level for the upside extension into the 149.550 level of the resistance. Rejection from here could lead to a pullback into the 144 level lower.
Note: Both short and long trade entries are in play here with the close stop loss level depending on a daily close above or below the 147.440 level.
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