The GBP/JPY found good support at the 120 level yesterday that we expect to limit the downside also today.
The indicators of the daily chart are still well negative while those of the s/t ones turned mixed suggesting for the coming hours some consolidation/ correction.
Only an hourly closing above 120,95 will postpone further weakness favouring a rally toward the 200 hours line at 122,08.
For now we still prefer remaining on the sideline waiting for stronger signals but overall we favour higher levels for this cross!!!
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FUTURE TREND RESEARCH