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The GBPJPY has moved higher off the back of a Bullish Engulfing Bar (BUEB). This BUEB had formed at an area that was old resistance and held as new support.
When price broke higher through the top of the BUEB price began it’s climb higher into the next resistance area which comes in around 1.2780.
This market is looking very bullish of late and the best play may be to wait for rotations lower before getting long with the revcent move higher.
GBPJPY DAILY CHART – 17 OCTOBER 2012
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