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Has GBP/JPY peaked above 191?

Earlier today I said I would look at the technical picture that has evolved in the GBP/JPY in light of the recent gains in the Yen and the falls in the Nikkei 225 earlier today. So, the GBP/JPY reached a new 2024 and 9 year high on February 26. That was set at 191.32. Now ahead of that high and subsequent to it, a number of updates here zoned in on the 200 level and 2015 high at 195.88. The outlook for the Pound to rise closer to either of those levels was highlighted here a number of times and more recently that still looked on track. However, the GBP/JPY could not get above 191.32 level, when it topped out at 191.19 this week, on March 4. The slide below 189 today has now put in place a clearly defined double top above 191 on the daily chart. The now heightened prospect of the BOJ raising rates on March 19 is entirely behind that. The overall upward trend in the GBP/JPY is still in place though, but this latest price action has clearly dealt it a blow and a close tonight below the 21 day moving average (now in place at 189.78) would do it no favours. So, there is a risk that this run might have come to an end and that is a prospect that needs to be respected. The GBP/JPY has traded to a low at 188.25 today. It is right now trading at 188.71
 

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